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cRYPTO Glossary
Explore essential terms and concepts in the world of cryptocurrency, blockchain, and trading
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Accrual Accounting
Accrual accounting is a method in which revenues and expenses are recorded in the period in which they occur, rather than when the payment is actually made.
Explanation of Specific Terms:
- Method: A systematic way of recording financial transactions.
- Revenues: Income earned from normal business operations, like sales of goods or services.
- Expenses: Costs incurred in the process of earning revenue.
- Recorded: Documented in financial statements.
- Period in which they occur: The time frame when the financial activity takes place, not necessarily when cash is exchanged.
Key Points for Beginners:
- Why it's important: Accrual accounting provides a more accurate picture of a company's financial health by matching revenues with related expenses in the same period.
- How it works: Even if the cash hasn't been received or paid yet, accrual accounting recognizes income and expenses when they are earned or incurred, helping to reflect the true financial status of an organization.
Valdis Zhvaginsh
Crypto Enthusiast, CWT Editor
Hello, I'm Valdis
When I began exploring cryptocurrencies, I had many questions. Over time, I've gathered some of the best resources that helped me, and I believe they can be useful to you as well.
I hope these resources assist you in starting your journey into the world of cryptocurrencies and provide useful tools for everyday tasks.
If you have any suggestions or corrections, please contact me
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