But Krauss said that from the moment he and the other scientists arrived on the island, they never saw anything untoward.
COMPANIES THAT FAIL THE $1 MILLION AVERAGE revenue test are not affected by the revenue procedure. For them, determining whether to use the cash or accrual method hinges on two issues: the material income-producing factor test and their type of entity. COMPANIES SELLING MERCHANDISE GENERALLY must use the accrual method to account for purchases and sales.
Cash basis accounting. Most small businesses with an income of Â£82,000 or less can use cash basis reporting. With this method, you only record income or expenses when you receive money or pay a bill. This means you wonât need to pay Income Tax on money you havenât yet received in your accounting period. Example You invoiced someone on 15 March 2014 but didnât receive the money until 30 April 2014.