Simple Modified Accrual Accounting For Nonprofits

Accrual Basis The accrual method of accounting more commonly referred to as generally accepted accounting principles GAAP reports revenues in the period earned and expenses in the period incurred. Many small and midsize nonprofit organizations operate on a modified accrual basis that is mostly on a cash basis except for year-end adjustments for accrual. Governments use modified accrual accounting for their statements and include reconciliations explaining how they made the switch from cash-basis accounting typically used throughout the year to.

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