Cash Accounting: How it Works & Should You Use It?
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Accounting Basics Lesson 7. This episode of Accounting Basics is a Cash Accounting tutorial where you'll learn what Cash Accounting means, who uses it, and the Advantages and Disadvantages of Cash Basis of Accounting.
This episode of Accounting Stuff - Accounting Basics for Beginners Lesson 7 - is a continuation of our series on Basic Accounting for Beginners. In this Cash Basis Accounting Tutorial, you will learn:
▪ The definition of the Cash Method of Accounting
▪ This is demonstrated using a Cash Basis Accounting example with two scenarios.
▪ You'll also learn the Pros and Cons of the Cash Basis Accounting and under which situations it is suitable to apply the Cash System of Accounting and 'is the cash basis allowed under GAAP and IFRS'?
▪ Is the Cash Basis better than Accrual Basis?
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⏱️TIMESTAMPS
00:00 - Intro
00:47 - What is the Cash Basis of Accounting?
02:02 - How does Cash Accounting work?
02:58 - What are the Advantages of Cash Accounting?
03:31 - What are the Disadvantages of Cash Accounting?
04:30 - Who should use the Cash Basis of Accounting?
04:39 - Who shouldn't use the Cash Basis of Accounting?
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