35 Miss. Code R. § 3-01-03-101
Current through May 31, 2024
The cash basis (cash receipts and disbursements) is the accounting method used by most individuals. Income is generally reported in the year that it is actually or constructively received in the form of cash, or its equivalent, or other property. Deductions or credits are generally taken for the year in which the related expenditures are actually paid, unless they should be taken in a different period to more clearly reflect income, such as depreciation allowances and prepaid expenses.
35 Miss. Code. R. § 3-01-03-101