Accrual basis definition

Accrual basis means that basis of accounting under which costs and benefits are regarded as applicable to the period in which the liability for the cost is incurred or the right to the benefit arises, regardless of when invoiced, paid, or received.

Accrual basis means the recording of revenue in the period when it is earned, regardless of when it is collected, and the recording of expenses in the period when incurred, regardless of when they are paid.

Accrual basis has the meaning set forth in Section 3.1(c).

Examples of Accrual basis in a sentence

• Accrual basis is the method of recording revenues in the period in which they are earned, regardless of when cash is received, and reporting expenses in the period when the charges are incurred, regardless of when payment is made.

• Accrual basis means a basis of accounting under which transactions and other events are recognized when they occur (and not only when cash or its equivalent is received or paid).

• Expenses are accounted for on Accrual basis and provision are made for all known Liabilities except ROC fees.

• Accrual basis of accounting records revenues in the period in which they are earned and become measurable; expenses are recorded in the period incurred, if measurable.

• Certain terms used herein are defined as follows: Accrual basis means that basis of accounting under which costs and benefits are regarded as applicable to the period in which the liability for the cost is incurred or the right to the benefit arises, regardless of when invoiced, paid, or received.

More Definitions of Accrual basis

Accrual basis means the basis of accounting under which revenues are recorded when earned and expenditures are recorded when they result in liabilities for benefits received, even though the receipt of the revenue or payment of the expenditures may take place, in whole or in part, in another accounting period.

Accrual basis means that system of accounting

Accrual basis means the recording of the financial effects on a municipal corporation of transactions and other events and circumstances that have cash consequences for the municipal corporation in the periods in which those transactions, events and circumstances occur, rather than only in the periods in which cash is received or paid by the municipal corporation.

Accrual basis means the basis upon which, in transactions thereon, revenues are accounted for when earned or due, even though not collected, and expenditures are accounted for as soon as liabilities are incurred, whether paid or not;

Accrual basis means the recording of the financial effects on a municipal corporation of

Accrual basis means a method of accounting in which accounts and notes receivable are recorded in the regular books of account for the period in which the firm first has a claim of right to them.

Accrual basis means the average monthly remuneration in the enterprise sector, including distributions from profit for the month preceding the calculation, as announced by the President of the Central Statistical Office.