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Editorial Board on Accounts and Audit
  • Revenue recognition on cash basis

    by Karan Khurana on Monday, May 22, 2017 at 05:41 PM

    One of our client runs school business. He records tuition fee on cash basis. Whether it is correct?

    Replied byEditorial Board Thursday, June 01, 2017 at 12:35 PM

    No, it's not correct.

    As per basic accounting assumptions, income and expense should be recognised on accrual basis.

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