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Help support Wordnik (and make this page ad-free) by adopting the word accrual-basis.
Examples
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That said, individual taxpayers -- in the eyes of IRS -- are generally subject to "cash-basis" accounting rules, as opposed to "accrual-basis" accounting, Mr. Hurley notes.
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Let's assume for the moment that you keep your books on a cash-basis versus an accrual-basis as many small businesses do.
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I'm sure cash-basis accounting has a place somewhere in the world, but the vast majority of businesses adhere to another convention called accrual-basis, which says that revenue is earned and expenses are generated at the moment of the transaction -- not when cash changes hands.
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