accrual accounting
11Accounting methods — Cash basisCash basis accounting is a method of bookkeeping that records financial events based on cash flows and cash position. Revenue is recognized when cash is received and expense is recognized when cash is paid. In cash basis accounting,… …
12Accounting Method — The method by which income and expenses are reported for taxation purposes. The Internal Revenue Service requires taxpayers to choose an accounting method that accurately reflects their income and to be consistent in their choice of accounting… …
13Accrual Rate — The rate of interest that is added to the principal of a financial instrument between cash payments of that interest. For example, a six month bond with interest payable semiannually will accrue daily interest during the six month term until it… …
14accounting profit — The amount of profit calculated by using generally accepted accounting principles instead of tax rules. At its simplest the profit is the revenue for an accounting period less the expenses incurred, using the concept of accrual accounting. There… …
15accrual method — n: accrual basis at basis Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. accr …
16accrual basis — see basis 2 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. accrual basis …
17accrual method of accounting — A method of accounting in which income is accounted for when earned (not received) and expenses are accounted for when liability for paying them is incurred (not when they are paid). Compare: cash method of accounting Category: Business, LLCs &… …
18accounting method — n. The method used by a business to calculate its income and expenditures for tax purposes. See also accrual method, cash method The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …
19accrual — ac‧cru‧al [əˈkruːəl] noun [countable] an increase in an amount of money, usually over a period of time: • The airline is asking employees to allow a one year freeze on pension accruals. • the accrual of $21 million in interest * * * accrual UK US …
20accrual method — UK US noun [S] ACCOUNTING ► ACCRUALS BASIS(Cf. ↑accruals basis) …
