Accounting Methods Overview

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There are two basic accounting methods available to most businesses, for tax purposes:
• cash
• accrual
In some cases, you may be able to use a hybrid method that combines elements of both cash and accrual. Also, owners of certain types of businesses can use special accounting methods under the tax law. These include farmers, builders and contractors, and business owners receiving income under long-term contracts. If you're in one of these industries, your accountant can give you more information.

Next Page: Cash Method Accounting

Related Accounting Methods Articles

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• Accounting Methods Overview
• Cash Method Accounting
• Acrual Method Accounting
• Who Must Use Accrual?
• Hybrid Methods
• Pros and Cons of Accrual