What Is Meant by Accrual Basis?
Accrual basis may be defined as the accounting system in which revenues, expenses, and other changes in assets, liabilities, and owner’s equity are accounted for in the period in which the economic event takes place, not when the cash inflows and outflows take place.
About the Author
True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True contributes to his own finance dictionary, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.