Accrual Basis Definition
Written by True Tamplin, BSc, CEPF®
Updated on July 10, 2021
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.