Fiscal Management - Sigma Gamma Rho Sorority, Inc.
Fiscal Management - Sigma Gamma Rho Sorority, Inc.
Fiscal Management - Sigma Gamma Rho Sorority, Inc.
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Accounting Methods<br />
<br />
<br />
<br />
Cash Basis Accounting<br />
• <strong>Inc</strong>lude income when it is received, and claim deductions<br />
when expenses are paid<br />
Accrual Basis Accounting<br />
• <strong>Inc</strong>lude items when they are earned and claim deductions<br />
when expenses are owed<br />
Modified Cash Basis Accounting<br />
• Certain transactions will be recorded on an accrual basis and<br />
other transactions on a cash basis. Usually, all unpaid bills will<br />
be recorded on an accrual basis but uncollected income on a<br />
cash basis. However, there are many different variations.<br />
The Grand Chapter of <strong>Sigma</strong> <strong>Gamma</strong> <strong>Rho</strong> operates under Modified<br />
Cash Basis accounting.<br />
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