Bizprac Test October 2013 | Page 2

DEFINITIONS Cash: this is the simplest method of accounting. Income is reported when it is received and expenses when they are actually paid. Accrual: income and expenses are reported as soon as they occur, regardless of whether or not cash has actually changed hands. ? The selection of your GST setting will vary the method used to calculate your BAS. It is imperative that this is selected correctly. If you are unsure what method you should be using please consult your Accountant or the ATO. Trouble shooting call our friendly support staff 07 3806 2817