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Simple English definitions for legal terms

cash-basis accounting method

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A quick definition of cash-basis accounting method:

The cash-basis accounting method is a way of keeping track of money that only considers actual cash received as income and cash paid out as expenses. This is different from the accrual accounting method, which records income and expenses when they are incurred, regardless of when the money actually changes hands. Other accounting methods include cost accounting, fair-value accounting, and percentage-of-completion method.

A more thorough explanation:

Definition: The cash-basis accounting method is a system for determining income and expenses for tax purposes. It considers only cash actually received as income and cash actually paid out as an expense.

Example: If a business sells a product for $100 but the customer has not yet paid, the cash-basis accounting method would not recognize the $100 as income until the customer pays. Similarly, if a business pays for a service in advance but the service has not yet been provided, the cash-basis accounting method would not recognize the payment as an expense until the service is provided.

Explanation: The cash-basis accounting method only recognizes income and expenses when cash is actually received or paid out. This means that revenue and expenses may not be recognized in the same period in which they were earned or incurred. This method is simpler than the accrual accounting method, which records entries of debits and credits when the liability arises, rather than when the income or expense is received or disbursed.

cash bail | cash book

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noreaster
12:52
I met windy irl she looked exactly like that
Mostlylegal
12:52
whats the one lyric where he says like, she had to be half white the way her brain was
MOGlylegal? windyMOGician?
if you can marry a sister you're rich son
12:53
does givin brain mean exchanging ideas like the human experience, meaning of life, philosophy, science and math, the human experience, and a deeper meaning?
yeah
Mostlylegal
12:54
me if you even care
have you heard of mewing
Mostlylegal
12:54
yes its fye
Mostlylegal
12:55
(thats not me thats the el paso shooter btw i just thought people would get that)
:o
Mostlylegal
12:56
did i fool you?!
noreaster
12:57
husband coming to live with me this summer
noreaster
12:57
woohoo
first power bottom president... besties we had JFK
noreaster
12:58
^
HOW COULD I FORGET RIP JFK YOU WOULD'VE LOVED $2 DRINK NIGHT IN THE GAY CLUBS
12:59
Anyone here going to Catholic or Drexel or NYLS ??
12-78-90live
13:00
Does anyone have confirmation on UConn’s class being full or not?
Mostlylegal
13:09
yeah its full, full of goobers!
they're arguing on the lawschooladmissions reddit rn about not applying to law school if you score below 150
guys i'll only say this one: do NOT apply to law school if you are only 150 rats in a trench coat pretending to be a person. everyone knows 150+ rats are needed to pass as a human being.
13:12
haha good one
i'm so glad we're finally talking about this here. the meme'ing is so good lmfao
13:13
bold of you to assume 150 rats < 1 human (infected with brain rot)
ClassyPleasantHeron
13:13
They've been arguing and memeing about that on Reddit for a few days now. All the poor sharks have waterski marks on their backs from all the jumping.
13:14
echo chamber > affirmation of beliefs > dopamine hit > mental gymnastics > think funny > 'Just trolling' > repeat. Sad state of reddit
Mostlylegal
13:14
classic nondenominational service
LMAOOOO it's so dumb man like i wish the biggest issue in my life was caring about the lsat score of others
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