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 ?
2011-46) providing a book safe-harbor accounting method for taxpayers that use the nonaccrual-experience (NAE) accounting method under Sec.
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.
Mergers and acquisitions among brokers and agencies are heating up as time runs out to take advantage of the soon-to-expire accounting method of pooling of interest, some industry analysts say.
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.
Request for Accounting Method Change for Prepaid Expenses Denied
On behalf of Tax Executives Institute (TEI), I am writing to urge that the Last-In, First-Out (LIFO) inventory accounting method be retained as part of the Internal Revenue Code.
Thus, an election out cannot be made in any other manner (e.g., through a request to change the taxpayer's accounting method).
Taxpayers making automatic accounting method changes that affect capitalizable costs should consider the uniform capitalization rules of Sec.
The government said the treatment might have been available to Capital One, but not without IRS consent to a change in accounting method, as required under section 446(e).
A CORPORATION THAT HAS ADOPTED AN accounting method cannot change that method simply by amending prior-year income tax returns; IRS permission is required to change methods (Sec.
Taxpayers have some latitude when choosing an accounting method as long as the method clearly reflects income.
An accounting method affects when an item of income or deduction is recognized.

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