Cash basis definition

Cash basis shall have the meaning assigned thereto in Section 10.1.

Cash basis means that basis of accounting under which only costs actually paid and revenue actually received are included for any period.

Cash basis means the basis of accounting under which revenues are recorded when received in cash and expenditures are recorded when paid.

Examples of Cash basis in a sentence

• Cash basis financial statements do not report liabilities for bonds and other long-term obligations.

• Cash basis taxpayers shall reflect refunds of federal income taxes in the return for the year in which the refunds are received.

• Because the federal environmental tax is deducted in computing federal taxable income and Iowa Code subsection 422.35(4) only allows a deduction for 50 percent of the federal income tax paid or accrued, the federal environmental tax deducted in computing federal taxable income must be added to federal taxable income.53.12(1) Cash basis taxpayer.

• Cash basis financial statements omit recognition of receivables and payables and other accrued and deferred items that do not arise from previous cash transactions.

• Cash basis is the method of reporting revenues and expenses when cash is actually received or paid out.

More Definitions of Cash basis

Cash basis means that system of accounting wherein

Cash basis means a basis of accounting under which transactions are recognized only in the period during which cash is received or disbursed.

Cash basis means a basis of accounting under which transactions are recognized only in

Cash basis means the basis upon which, in transactions thereon, revenues are accounted for when received in cash and expenditures are accounted for when paid;

Cash basis shall have the meaning assigned thereto in Section 10.1. “Cash Consideration Amount” shall have the meaning assigned thereto in Section 2.2(a).

Cash basis means the balance as of any date, without taking into account expenses incurred that have not been reimbursed as of that date. Thus, pending claims, claims submitted, claims received or claims under review that have not been paid as of a date are not taken into account for purposes of determining the account balance as of that date.

Cash basis means a budgeting and reporting system that encompasses all cash receipts and payments that are subject to being administered in the bank accounts of budget organisations, including their cash operations or assimilated operations according to the relevant provisions of the accountability standards and guidelines applicable to budget organisations referred to in Article 164(1).