Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

cash-basis accounting method

Read a random definition: imperative theory of law

A quick definition of cash-basis accounting method:

The cash-basis accounting method is a way of keeping track of money that only considers actual cash received as income and cash paid out as expenses. This is different from the accrual accounting method, which records income and expenses when they are incurred, regardless of when the money actually changes hands. Other accounting methods include cost accounting, fair-value accounting, and percentage-of-completion method.

A more thorough explanation:

Definition: The cash-basis accounting method is a system for determining income and expenses for tax purposes. It considers only cash actually received as income and cash actually paid out as an expense.

Example: If a business sells a product for $100 but the customer has not yet paid, the cash-basis accounting method would not recognize the $100 as income until the customer pays. Similarly, if a business pays for a service in advance but the service has not yet been provided, the cash-basis accounting method would not recognize the payment as an expense until the service is provided.

Explanation: The cash-basis accounting method only recognizes income and expenses when cash is actually received or paid out. This means that revenue and expenses may not be recognized in the same period in which they were earned or incurred. This method is simpler than the accrual accounting method, which records entries of debits and credits when the liability arises, rather than when the income or expense is received or disbursed.

cash bail | cash book

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
18:16
I just noticed that UMich has the majority of their acceptances really early on. Does anyone know what happens to mid-November applicants? Are we just cooked?
TGM
18:23
How long can I delay sending my fall grades if they hurt my GPA? I’m still waiting on decisions and ideally I’m hoping they decide BEFORE seeing my new grades
TGM
18:27
dropped my GPA below median for a couple of schools I’m applying to, when I was above median before
Dkk
18:32
@TGM: Not long enough to get another transcript to recover.
Dkk
18:33
Honestly you could just wait until someone actually asks for your fall grades. Who knows.
Dkk
18:34
@wigwav: It looks like if below medians it will not help but If applying in November it seems you are still middle of the cycle.
18:34
@wigwav: nah
TGM
18:34
like am I expected to send it unprompted or can I wait until a school requested it
Dkk
18:35
@TGM: Expected to send it unprompted but you can wait and see.
18:36
Is your LSAT also below median?
TGM
18:37
It’s above median, but I’m applying T6 with unimpressive softs, so even with a good LSAT it’s tough
texaslawhopefully
18:38
Yeah, then I would just wait as long as you can to send it
texaslawhopefully
18:38
For like HLS at least, if you wait till J6 then you may already have a decision
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
LSD+ is ad-free, with DMs, discounts, case briefs & more.