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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