method of accounting

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• 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

• 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 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

• 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

• equity method of accounting — A method of accounting where the investor s proportionate share of net profit and net assets are included respectively as single lines in the consolidated profit and loss account and balance sheet of the investing group. Practical Law Dictionary …   Law dictionary

• method — meth‧od [ˈmeθəd] noun [countable] a planned way of doing something, especially one that a lot of people use: method of • It is best to consider all methods of figuring your annual income tax before deciding on any one option. method for • A buy… …   Financial and business terms

• accounting — ac‧coun‧ting [əˈkaʊntɪŋ] noun [uncountable] 1. ACCOUNTING JOBS the usual word for the profession of accountancy in the US 2. ACCOUNTING the work of keeping a company s financial records, recording its income and expenses, and its business deals:… …   Financial and business terms

• 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

• 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

• cost method of accounting — Cost method. The practice of recording the value of assets in terms of their cost. See also cost (cost accounting). See also accounting …   Black's law dictionary

• cost method of accounting — Cost method. The practice of recording the value of assets in terms of their cost. See also cost (cost accounting). See also accounting …   Black's law dictionary