ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
From the web's #1 provider of financial analysis / ratio analysis
OFFSET ACCOUNT Definition
OFFSET ACCOUNT is an account that is setup for elimination of a long or short position by making an opposite transaction.
Learn new Accounting Terms
WITHHOLDING TAX usually refers to those taxes that are withheld from an employee's compensation to account for that individuals tax liability on his/her compensation.
MODIFIED ACCRUAL BASIS accounting is a mixture of the cash and accrual basis. The modified accrual basis should be used for governmental funds. To be recognized as a revenue or expenditure, the actual receipt or disbursal of cash must occur soon enough after a transaction or event has occurred to have an impact on current spendable resources. In other words, revenues must be both measurable and available to pay for the current periods liabilities. Revenues are considered available when collectible either during the current period or after the end of the current period but in time to pay year-end liabilities. Expenditures are recognized when a transaction or event is expected to draw upon current spendable resources rather than future resources.