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Accrual accounting

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Definitions Edit

Accrual accounting is

[a] system of accounting in which revenues are recorded when earned and expenses are recorded when goods are received or services are performed, even though the actual receipt of revenues and payment for goods or services may occur, in whole or in part, at a different time.[1]
[t]he basis of accounting whereby revenue is recognized when it is realized and expenses are recognized when incurred, without regard to time of receipt or payment of cash.[2]

References Edit

  1. A Glossary of Terms Used in the Federal Budget Process, at 7.
  2. Defense Acquisition University, Glossary, at B-1 (13th ed. Nov. 2009) (full-text).

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