accounting system

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Related to Accounting method: accrual basis
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Noun1.accounting system - a bookkeeper's chronological list of related debits and credits of a businessaccounting system - 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 periodicals archive ?
An accounting method is a set of rules used to determine when and how to report income and expenses.
Taxpayers need to take care to determine which changes can be filed concurrently on the same Form 3115, Application for Change in Accounting Method, and which must be filed separately.
Although establishing an accounting method generally requires consistent treatment, if a taxpayer treats an item in a way that is permissible, an accounting method for that item is deemed established after only one year.
A taxpayer may generally choose any permitted accounting method (see Chapter 10) when filing the taxpayer's first tax return.
Any application to change an accounting method subject to the automatic consent procedures that is to be filed by a taxpayer on or after that date, for a year of change ending on or after Dec.
In June, TEI urged the Senate Finance Committee to retain the last-in, first-out inventory (LIFO) accounting method as part of the Internal Revenue Code.
Prime Minister Junichiro Koizumi on Wednesday dismissed a lawmaker's call to freeze the mark-to-market accounting method on corporate securities holdings to deal with the stock market plunge.
For these contracts, borrowers cannot use voluntary accounting method changes to avoid covenant violations.
Filing Form 3115, Application for Change in Accounting Method, with the next succeeding year's return.
The IRS in late February issued the second part of guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets (Rev.
2011-46) providing a book safe-harbor accounting method for taxpayers that use the nonaccrual-experience (NAE) accounting method under Sec.

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