ACCEPTANCE SAMPLING Definition

Bookmark and Share

ACCEPTANCE SAMPLING is statistical sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.

Learn new Accounting Terms

DIVIDEND RECEIVED DEDUCTION is the reduction of dividend income from the taxable income of the investing corporation, as provided in section 301 of the Internal Revenue Code. Currently, 70% of dividends received from nonaffiliated corporations may be excluded from taxable income.

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.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.