The modified accrual method is defined as an alternative accounting method that combines the two basic methods of accounting, the accrual method and the cash method. While the accrual method recognizes earned revenue and expenses incurred regardless of when cash is received or paid, and the cash met...

While trying to determine your net income, you might come across the term revenue, sales, or gross income. So what does revenue mean? Through revenue, we understand the income generated within a business from sales of products or services rendered. On the income statement, revenues will appear as sa...