Question

Write the definition in your own words

Answer 1

The definition in my own words are:

• Cash Basis of Accounting: is type of accounting that  that makes use of revenues and expenses at the time cash is received.

• Accrual Basis of Accounting: The accrual basis of accounting focus on recording revenues .
• Matching Principle: can be regarded as  accounting concept that focus on  companies report expenses .

• Time-Period Principle: is one that a business should report the states that financial results of its activities .

• Accounting Period:  serves as the period of time  that is used for accounting functions, this can be a fiscal year.

What is accounting?

Accounting serves as the process which involves the  recording as well as summarizing business and financial transactions.

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