# Enrolled Agent Exam [Part 2] 56, Hybrid Accounting Method

Page: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-56-hybrid-accounting-method
Text version: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-56-hybrid-accounting-method.md
Podcast: [Finance Exam Prep](https://stenobird.com/podcast/finance-exam-prep-7658413)
Published: 2026-06-22T22:41:20+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/1f27bced-809f-48c4-b657-92752deaa168.mp3
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Duration seconds: 169

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The hybrid method is a combination of cash and accrual accounting permitted by the IRS. - A business with inventory must use the accrual method for all purchases and sales of that merchandise. - Service-based income and general operating expenses can often be accounted for using the cash method under a hybrid system. - A common exam trap involves small businesses with inventory incorrectly attempting to use the pure cash method for all transactions. - Any accounting method chosen, including hybrid, must be used consistently and must clearly reflect income to be valid. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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