ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
From the web's #1 provider of financial analysis / ratio analysis
ACCRUAL BASIS OF ACCOUNTING Definition
ACCRUAL BASIS OF ACCOUNTING is wherein revenue and expenses are recorded in the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. This is the accounting basis that generally is required to be used in order to conform to generally accepted accounting principles (GAAP) in preparing financial statements for external users.
Learn new Accounting Terms
FDIC see FEDERAL DEPOSIT INSURANCE CORPORATION.
PAYABLE is an amount awaiting payment to be made, e.g. interest payable or taxes payable.