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Accrual basis |
Also found in: Dictionary/thesaurus, Legal | 0.01 sec. |
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Accrual basis In the context of accounting, practice in which expenses and income are accounted for as they are earned or incurred, whether or not they have been received or paid. Antithesis of cash basis accounting. |
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? Mentioned in | ? References in periodicals archive | |
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In financial statements prepared on the accrual basis of
accounting, employers should recognize a liability and expense for
voluntary termination benefits (for example, early-retirement
incentives) when the offer is accepted and the amount can be estimated. from cash to an accrual basis,
resulting in the creation of a
US$800,000 deficit. Schedule M-3 applies to C corporations with $10 million or more of
total assets, generally determined on an accrual basis as of the end of
the tax year. |
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Accrual basis
