An accounting basis wherein revenue and expenses are recorded in the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. This is the accounting basis that generally is required to be used in order to conform to generally accepted accounting principles (GAAP) in preparing financial statemen...
Found on
http://www.lectlaw.com/def/a099.htm
The practice of recording revenue in the period in which it is earned and recording expenses in the period in which they are incurred. The effect on the business is recognized as goods or services are rendered or consumed, rather than when cash is received or paid.
Found on
https://www.encyclo.co.uk/local/21657
The accrual basis of accounting is a system of recognizing revenues and expenses when they are incurred instead of focusing on when they are paid or collected. This means that both revenues and expenses are recognized and recorded in the accounting period when they occur instead of when payments are actually made.?GAAP?requires businesses to use th...
Found on
https://www.myaccountingcourse.com/accounting-dictionary/accounting-diction
No exact match found.
