Accounting History

https://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles_(United_States)

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“Generally Accepted Accounting Principles, also called GAAP or US GAAP, is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC has stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain.^[1][2] ”

https://www.investopedia.com/terms/c/cashbasis.asp

BREAKING DOWN 'Cash Basis'

When transactions are recorded on a cash basis, they affect a company's books only once a completed exchange of value has occurred; therefore, cash basis accounting is less accurate than accrual accounting in the short term.