Farm Accrual Adjustments to a Cash-basis Income Statement

In this video, we define accrual basis as a method of recording income and expenses. Each item is reported as earned or incurred, without regard as to when actual payments are received or made.
Farm Accrual Adjustments to a Cash-basis Income Statement - Videos

Description

We also discuss the adjustments to cash receipts and disbursements to arrive to accrual-adjusted net income.

The Penn State Extension Farm Business Management team recommends that farmers using cash accounting convert the resulting net farm income to an accrual net farm income at the end of the year.

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