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 ?
But, to say the truth, there is a more simple and plain method of accounting for that prodigious superiority of penetration which we must observe in some men over the rest of the human species, and one which will serve not only in the case of lovers, but of all others.
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!
The general tax rules for income recognition under an accrual method of accounting were changed in the law known as the Tax Cuts and Jobs Act (TCJA), P.L.
Antero Resources will account for its interest in New AM under the equity method of accounting. This new financial statement presentation will be substantially the same as the previously categorized "Stand-alone" data that was historically reported.
Every taxpayer reports income and expenses on a tax return according to a method of accounting. An accounting method is a set of rules used to determine when and how to report income and expenses.
* More small and medium-sized corporations-those with average gross receipts of $15 million or less over last three years-would be able to use the cash method of accounting.
446 allows a taxpayer to choose the method of accounting when establishing the business.
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.
(NYSE: ACY) said that effective as of January 1, 2014, it had adopted an alternate method of accounting for non-refundable maintenance reserves and certain lessor maintenance costs.
All items of income deferred under the taxpayer's present method of accounting under Rev.
Any method of accounting selected must clearly reflect the taxpayer's income and expenses, but no specific IRS approval is needed when making the initial choice.

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