Arizona Simplified Accounting is a simplified system of accounting developed to meet the requirements of the Arizona Department of Revenue. It is a simplified version of generally accepted accounting principles (GAAP) which applies to certain businesses that meet certain criteria. It is designed to reduce the complexity and cost of accounting for small businesses in Arizona. Arizona Simplified Accounting is divided into two categories: Cash Basis Accounting and Accrual Basis Accounting. Cash Basis Accounting is more commonly used by small businesses in Arizona as it requires less record keeping and is easier to understand. This type of accounting recognizes revenues and expenses when they are received or paid and does not recognize unrecorded transactions. Accrual Basis Accounting is more complex than cash basis accounting and is used by businesses that require more detailed financial records. This type of accounting recognizes revenues and expenses when they are earned or incurred, regardless of when they are received or paid. This allows for a more accurate representation of a business’s financial position.
Arizona Simplified Accounting
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