ACRS Definition

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ACRS is Accelarted Cost Recovery System.

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KEOGH is a pension plan in the United States that allows a business to contribute a portion of profits into a tax-sheltered account.

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.

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