Thursday, October 09, 2008

A look at the modified cash basis Accounting

Modified cash basis financial statements use a combination of cash basis and accrual basis financial reporting. These financial statements report all accounts from cash transactions and from all other sufficiently supported modifications that were adopted. Reviewed or auditied modified cash basis financial reports should include the same items required of GAAP financial statements. Distinction among modified cash basis, cash basis, tax basis and accrual basis accounting is made.

A look at the modified cash basis. (Accounting)
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