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accrual accounting |
Also found in: Wikipedia | 0.06 sec. |
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Accrual Accounting An accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions happen. Notes: The opposite of this is cash accounting, which recognizes transactions only when there is an exchange of cash. But under accrual accounting, for example, if you buy a stereo on credit, the company you buy from would still recognize the event as a transaction.
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? Mentioned in | ? References in periodicals archive | |
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IRC section 446(a) requires taxpayers to compute their taxable
income based on the accounting methods used in their books and records. reported a wider
first-quarter loss Monday despite the completion of its 38-month
bankruptcy overhaul, blaming the shortfall on record fuel prices,
stock-based compensation expense and a change in accounting methods. Kindinger said dealers using the
replacement cost method in the guide may continue to use it without
applying for a change in their accounting methods, while others who want
to change may do so by filing Form 3115--Application for Change in
Accounting Method. |
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