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Accouting method for professional
is it possible for a professional (CA) to follow cash basis of accounting for receipts and mercantile basis for expenses in his own books of accounts?
Replies (1)
No...
Accrual basis accounting is required for publicly-held entities, and for any organization that wants to have its financial statements audited.
Accrual basis accounting is required for publicly-held entities, and for any organization that wants to have its financial statements audited.
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