This paper aims to investigate relationship between cash-based accounting information and bankruptcy risk with a sample of listed non-financial Turkish Firms. For this purpose, we used Altman Z, Springate and Zmijewski models in order for estimation of bankruptcy risk. These model scores are given as dependent variables whereas cash flow information; operating, investing, financing cash flows and cash flow patterns and as control variables; firm size and firm age are utilized as independent variables to investigate this relationship. The empirical results showed that cash-based accounting information is unable to explain variation in bankruptcy risk of listed non-financial Turkish firms. On these results, it is thought that the reason for this situation may be that the bankruptcy risk measurement models used in the literature are based on accrual-based accounting information, so it may have lost its meaning from a contemporary accounting point of view.