accrual method of accounting
- accrual method of accounting
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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 accountingCategory: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary.
Gerald N. Hill, Kathleen Thompson Hill.
2009.
Look at other dictionaries:
accrual method of accounting — See also accrual method … Black's law dictionary
accrual method of accounting — See also accrual method … Black's law dictionary
Comparison of Cash Method and Accrual Method of accounting — A comparison of the two primary accounting methods (Cash method and Accrual method) used to calculate taxable income for U.S. Federal income taxes. According to the Internal Revenue Code, a taxpayer may compute taxable income under the following… … Wikipedia
accrual method — n: accrual basis at basis Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. accr … Law dictionary
accrual method — UK US noun [S] ACCOUNTING ► ACCRUALS BASIS(Cf. ↑accruals basis) … Financial and business terms
cash method of accounting — A method of accounting in which income is accounted for when actually received (not, for instance, when an order is taken) and expenses are reported when actually paid (not when liability for paying them is incurred, such as making an order).… … Law dictionary
accrual method — A method of keeping accounts which shows expenses incurred and income earned for a given period, although such expenses and income may not have been actually paid or received. Right to receive and not the actual receipt determines inclusion of… … Black's law dictionary
accrual method — A method of keeping accounts which shows expenses incurred and income earned for a given period, although such expenses and income may not have been actually paid or received. Right to receive and not the actual receipt determines inclusion of… … Black's law dictionary
cash method of accounting — Cash method. The practice of recording income and expense only when cash is received or paid out; used in contradistinction to accrual method. See cash basis accounting. See also accounting … Black's law dictionary
cash method of accounting — Cash method. The practice of recording income and expense only when cash is received or paid out; used in contradistinction to accrual method. See cash basis accounting. See also accounting … Black's law dictionary
