Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

cash-basis accounting method

Read a random definition: lucrum interceptum

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
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.