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Line 2: − − A hybrid form of cash accounting, called "modified cash accounting" (also called "modified accrual accounting"), is used in many cases. It generally works the same as cash accounting except for two major areas: long-term assets are capitalized and subject to [[depreciation]] or [[amortization]], and long-term liabilities are recorded as debt and reduced as payments are made.
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Under cash accounting, [[revenue]]s are recorded on the accounting records when payment is received under cash accounting. Similarly, [[expense]]s are recorded when payment is made. Assets and liabilities are generally not recorded; everything is treated as a revenue or expense item.
Under cash accounting, [[revenue]]s are recorded on the accounting records when payment is received under cash accounting. Similarly, [[expense]]s are recorded when payment is made. Assets and liabilities are generally not recorded; everything is treated as a revenue or expense item.
[[Category:Accounting]]
[[Category:Accounting]]