Solved: Method of accounting-cash or accrual, Accounting Basics

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Method of accounting-cash or accrual

Problem:

Your friend, Dr. Cavity, DDS, has decided that he wants you to help him set up the books for his Dental practice. He would like to accept credit cards, cash, checks, and insurance carriers. His office elects to file the insurance on behalf of the patient and then bill for any differences. What method of accounting (Cash or Accrual) would you suggest that he use? What are some of the benefits and challenges associated with your choice?

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Accounting Basics: Method of accounting-cash or accrual

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Accounting Basics: Method of accounting-cash or accrual

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