Accrual Method of Accounting definition

Accrual Method of Accounting means a method of accounting where revenues are reported in the period they are earned, regardless of when they are collected, and expenses are reported in the period they are incurred, regardless of when they are paid.
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Accrual Method of Accounting means a method of accounting in
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Accrual Method of Accounting means a method of accounting which recognizes revenues in the period when they are earned, regardless of
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Examples of Accrual Method of Accounting in a sentence

  • Accrual method of accounting is followed with regard to income and expenses.

  • In CY 2010, the Authority has departed from the Accrual method of accounting of the Real property tax revenues and adopted the modified accrual method in compliance with the COA recommendation under AOM no.

  • Accrual Method - Accrual method of accounting shall be used by national government agencies when income is realized (earned) during the accounting period regardless of cash receipt.

  • AgriStability PIN Percentage Share Accrual method of accounting is when you report income in the fiscal period you earn it, no matter when you receive it and deduct expenses in the fiscal period you incur them, whether or not you pay them in that period.

  • A credit reduces your actual U.S. income tax on a dollar-for-dollar basis, while a de- duction reduces only your income subject Accrual method of accounting.

  • Assessment of the completeness and reliability of financial data reported, including any assumptions and caveats associated with the figures.As a basic principle, the Ministry of Health maintains its books and records using the Modified Accrual method of accounting, and presents its Financial Statements on a historical cost basis.

  • Accrual method of accounting is when you report income in the fiscal period you earn it, no matter when you receive it and deduct expenses in the fiscal period you incur them, whether or not you pay them in that period.

  • Accrual method of accounting is the method identified by § 446(c)(2) and §§ 1.446–1(c)(1)(ii), 1.451–1(a), and 1.461–1(a)(2).(3) Additional requirements.

  • PAS 1 provides the guidelines in using the Accrual method of accounting.

  • Accrual method of accounting is adopted wherein income and expenses are recognized when earned or incurred regardless of when collected or paid.


More Definitions of Accrual Method of Accounting

Accrual Method of Accounting means a method of accounting in which (i) the Gross Proceeds for a Month shall be the net amount recognized and recorded during such Month in Pannonian's ledgers for sales of Hydrocarbon Production from a Project Well and (ii) the Production Costs for a Month shall be the amount incurred in connection with that Project Well and recorded during such Month in Pannonian's ledgers as production costs, with all such proceeds and costs being determined in accordance with Generally Accepted Accounting Principles ("GAAP") and Council of Petroleum Accountants Societies ("COPAS") guidelines and procedures.
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Related to Accrual Method of Accounting

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • discretionary use means the use of land or a building provided for in this Bylaw for which a development permit may be issued upon an application having been made;

  • Annual Accounting Period or “Financial Year” means the period commence on 1st July and shall end on 30th June of the succeeding calendar year.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Simple Interest Method means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made and the remainder of such payment is allocable to principal.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company solely on account of “elective contributions” made on his behalf or “employee contributions” made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Balance Computation Method We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the balance in the account each day. Compounding and Crediting: Interest is compounded daily and calculated on a 365/366 day basis. Interest is credited on a monthly basis.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Annual Enrollment Period or "Enrollment Period" means the period before each policy anniversary so designated by the Sponsor and Lincoln during which you may enroll for coverage under this policy.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Eligibility Computation Period means a 12-consecutive month period beginning with your first day of employment. Any succeeding Eligibility Computation Period will then switch to the Plan Year, beginning with the Plan Year that includes your first anniversary of employment. You will generally earn an hour of service for each hour you are paid for the performance of duties for the Company (however, numerous exceptions and special rules apply).

  • Actuarial method means the method of allocating a fixed level monthly payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of (a) 1/12, (b) the fixed annual rate of interest on such obligation and (c) the outstanding principal balance of such obligation.

  • Qualified Nonelective Contributions means contributions of the Plan Sponsor or an Affiliate, other than Matching Contributions or Elective Deferrals, which are nonforfeitable when made, and which would be nonforfeitable regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Code Section 401(k)(2)(B) and the regulations thereunder.

  • Nonelective Contribution means an amount contributed by a participating

  • Qualified Nonelective Contribution (QNEC) means the Employer's contributions to the Plan that are made pursuant to Sections 12.1(a)(4), 12.5 and 12.7 or pursuant to any other Plan provision which provides for such contributions.

  • Elective Contribution means the Employer contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess “annual additions” pursuant to Section 4.11(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.7(b) which is used to satisfy the “Actual Deferral Percentage” tests shall be considered an Elective Contribution for purposes of the Plan. Any contributions deemed to be Elective Contributions (whether or not used to satisfy the “Actual Deferral Percentage” tests or the “Actual Contribution Percentage” tests) shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the nondiscrimination requirements of Regulation 1.401(k)-1(b)(5) and Regulation 1.401(m)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Matching Contributions are contributions made by the Employer on account of elective deferrals under a Code Section 401(k) arrangement or on account of employee contributions. Matching contributions also include Participant forfeitures allocated on account of such elective deferrals or employee contributions.

  • Accounting Year means the financial year commencing from the first day of April of any calendar year and ending on the thirty-first day of March of the next calendar year;

  • Random selection basis means a mechanism for selection of employees that: