Accrual Accounting vs. Cash Accounting: Key Differences and When Each Is Used
Warren Team
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Key terms
- Cash FlowThe net amount of cash moving in and out of your accounts. Positive cash flow means you're earning more than you're spending, while negative cash flow indicates you're spending more than you earn.
- Cash AdvanceBorrowing cash using a credit card at an ATM or bank. Typically charges a higher APR (25%+), immediate interest (no grace period), and a cash advance fee of 3-5%.
- Cash Advance FeeA fee charged for withdrawing cash using a credit card, typically $10 or 3-5% of the advance amount, whichever is greater. A $200 cash advance with 5% fee costs $10.
- Private KeyA secret alphanumeric code that gives you full control over your cryptocurrency holdings and the ability to authorize transactions. Your private key must be kept secure and never shared, because anyone who obtains it can access and spend your funds. It works in conjunction with a public key to enable secure, encrypted transactions on the blockchain.
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