- If the small business owners or accounting managers are considering the accrual accounting, it usually involves recording the business transactions when the transactions have made and the profit is recognizable.
- When it comes to the cash accounting, it involves recording the commercial transactions only upon the cash exchange. The profit is only recorded upon the payment receipt and also the expenses are only recorded based on the payment of obligation.
Lloyd Blankfein, me, the owner of cnntopnews, have a business management degree. Have 3 years of articles write.