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Tarun Suthar
ย โขย
The Institute of Chartered Accountants of Indiaย โขย 21d
So basically, it's a Cash and Accrual Concept. Let me summarise this, both are methods to record accounts and transactions ( you can choose either). Cash Concept- when you record transaction entries based on when the actual cash is spent or received no matter the financial period. Accrual Concept- when you record any transaction based on when it is earned or spent, no matter whether it's actually received or spent (maybe it is an outstanding transaction).
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