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.
Traditional accounting. Many businesses use traditional accounting where you record income and expenses by the date you invoiced or were billed. Example You invoiced a customer on 28 March 2016. You record that invoice for the 2015 to 2016 tax year - even if you didnât receive the money until the next tax year. Cash basis accounting Most small businesses with an income of Â£150,000 or less can use cash basis reporting.