Accrual Accounting Selection

There are conventions whereupon one is mandated to use accrual accounting, they are; (1) Your business has sales of more than $5 million per year, (2) Your business stocks an inventory of items that you will sell to the public and your gross receipts are over $1 million per year. Inventory includes any merchandise you sell, as well as supplies that will physically become part of an item intended for sale.
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