35 Miss. Code R. § 3-01-03-103
Current through May 31, 2024
The accrual basis is the accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged. Expense are deductible on the accrual basis in the year incurred, regardless of when payment is made. The purpose of an accrual method is to match income and expenses in the correct year.
35 Miss. Code. R. § 3-01-03-103