Money Management Glossary: Personal Accounting Terms

Accrual basis accounting
Accrual Basis Accounting is an accounting method which reports income when earned and expenses when incurred. It is one of the most commonly used accounting methods for business. See also: Cash Basis Accounting
Cash Basis Accounting
Cash Basis Accounting is a type of accounting method in which a business treats income as received or expenses when paid rather than when they have accrued. See also: Accrual basis accounting