accrual method of accounting

Black's law dictionary. . 1990.

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  • accrual 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 &… …   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

  • 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 — Fin an accounting method that includes income and expense items as they are earned or incurred irrespective of when money is received or paid out. [m1]Also known as accrual basis …   The ultimate business dictionary

  • method of accounting — noun a bookkeeper s chronological list of related debits and credits of a business; forms part of a ledger of accounts • Syn: ↑accounting, ↑accounting system • Derivationally related forms: ↑account (for: ↑accounting) • …   Useful english dictionary

  • 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

  • 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

  • Comparison of cash and accrual methods of accounting — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts  …   Wikipedia

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