generally accepted accounting principles
41Accounting 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,… …
42Accounting Information System - AIS — The collection, storage and processing of financial and accounting data that is used by decision makers. An accounting information system is generally a computer based method for tracking accounting activity in conjunction with information… …
43Accounting period — An accounting period is a period with reference to which United Kingdom corporation tax is charged. [Section 12 of the Income and Corporation Taxes Act 1988] It helps dictate when tax is paid on income and gains. An accounting period begins… …
44Accounting Earnings — The amount of money a company has earned during a given period, usually a quarter or year, as reported based on proper accounting standards. Accounting earnings help to measure a company s profitability, but investors should consider not just… …
45Accounting Error — An error in an accounting item that was not caused intentionally. An accounting error can include discrepancies in dollar figures, or might be an error in using accounting policy incorrectly (i.e., a compliance error). Accounting error should not …
46Accounting Noise — The distortion that is caused in a company’s financial statements due to accounting rules and regulations that must be followed. Accounting noise makes it difficult for investors to easily ascertain a company’s true financial… …
47accounting 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… …
48accounting standard — Rules and guidance on accounting practice. Along with legislation and custom, accounting standards are the foundation of *Generally Accepted Accounting Principles. In recent years, the term accounting standard has been largely superseded by… …
49Accounting Profit — A company s total earnings, calculated according to Generally Accepted Accounting Principles (GAAP), and includes the explicit costs of doing business, such as depreciation, interest and taxes. Accounting profits tend to be higher than economic… …
50accounting principle — noun a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions • Syn: ↑accounting standard • Hypernyms: ↑principle • Member Holonyms: ↑generally accepted… …
