method of accounting


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Related to method of accounting: Accrual Method of Accounting
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Noun1.method of accounting - a bookkeeper's chronological list of related debits and credits of a businessmethod of accounting - a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
account book, book of account, ledger, leger, book - a record in which commercial accounts are recorded; "they got a subpoena to examine our books"
control account - an account that shows totals of amounts entered in a subsidiary ledger
accounting entry, ledger entry, entry - a written record of a commercial transaction
credit side - account of payments received; usually the right side of a financial statement
debit side - account of payments owed; usually the left side of a financial statement
accrual basis - a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made
cash basis - a method of accounting in which each item is entered as payments are received or made
pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free
audit, audited account - an inspection of the accounting procedures and records by a trained accountant or CPA
limited review, review - (accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data
register - a book in which names and transactions are listed
References in classic literature ?
Had I been in full possession of my senses, I might have questioned, on reflection, whether the doctor's method of accounting for the suspicions which kept his neighbors aloof from him, was quite satisfactory.
How universally efficacious--how satisfactory, too, and soothing to the injured sensibility of narrowness and dulness--is this easy method of accounting for whatever lies beyond the world's most ordinary scope
Revenue Procedure 2015-14 provides procedures for an automatic consent to change a method of accounting, listing many automatic changes to which the automatic change procedures in Revenue Procedure 2015-14 will apply.
Among the various proposals is a troubling provision that would severely restrict individual owners of businesses from using the cash method of accounting.
Part of his plan includes a proposal that would considerably impact CPA firms and other businesses that use the cash method of accounting by requiring that they use the accrual method for tax purposes.
Boyle submitted the following letter to Senators Charles Grassley and Max Baucus, Chair and Ranking Member of the Senate Finance Committee, respectively, urging retention of the LIFO method of accounting.
123(R) ELIMINATES THE USE of the intrinsic value method of accounting for share-based payments under APB Opinion no.
Recently the Treasury Department issued proposed, temporary and final regulations to clarify which changes in depreciation are changes in method of accounting.
For those entities that are investment companies under the SOP, the SOP also addresses the retention of that specialized industry accounting by a parent company in consolidation or by an investor that has the ability to exercise significant influence over the investment company and applies the equity method of accounting to its investment in the entity (referred to as an equity method investor).
Statement 141, Petrone said, eliminated the pooling-of-interests method of accounting and supersedes Opinion 16 in its entirety, though it carries through that opinion's guidance on the purchase method of accounting.
After receipt of this approval, Evergreen Solar will account for its share of EverQ's financial results under the equity method of accounting.
Although neither the Code nor the regulations clearly define the term "method of accounting," both do provide that a change in method of accounting involves the change in treatment of any "material item.

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