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Accrual basis financial statements recognize income when earned, even if payment has
not been received. Expenses are recognized when incurred, regardless of when actually
paid. Accrual basis financial statements are a more accurate representation of
the financial condition and results of operations for a business than are those
prepared under the cash receipts and disbursements method.
Accrual basis is required when inventories are maintained.
If you are using Netscape
or MS Internet
Explorer
, you can submit an EMail and attach the data file(s) from your
accounting program such as Quicken®, Quickbooks®, or Peachtree Accounting® to the Email.
These data files can be used to provide data for compiled or reviewed financial statements or preparation of journal entries. For more information, call or email your request.