Accrual - Law Dictionary

accrual method

accrual method : accrual basis at basis ...

accrual 1 : the action or process of accruing [claim must be brought within two years of the date of ] 2 a : something that accrues ;esp : an amount of money that periodically accumulates for a specific purpose (as payment of taxes or interest) b : something that has accrued during a specified period ...

accrual accounting

accrual accounting Income is reported in the year it is earned, and expenses are deducted in the year they are incurred. ...

accrual basis

accrual basis see basis ...

accrual basis accounting

accrual basis accounting An accounting method that records sales, expenses or other events at the time they occur, rather than when cash changes hands ...

accrual bond

accrual bond see bond ...

accrue

accrue ac·crued ac·cru·ing [Middle French accreue increase, addition to a property, from feminine of accreu, past participle of acreistre to increase] vi 1 : to come into existence as an enforceable claim : vest as a right [action…does not until the plaintiff knew or reasonably should have known that he may have suffered injury "National Law Journal"] NOTE: Statutes of limitations begin to run when a cause of action accrues. 2 : to come by way of increase or addition : arise as a growth or result usually used with to or from [advantages accruing to society from the freedom of the press] [interest s to the seller as a result of the delay] 3 : to be periodically accumulated in the process of time whether as an increase or a decrease [the accruing of taxes] [allowing the receivable interest to ] vt 1 : to accumulate or have due after a period of time [authorized by law to leave…in the maximum amount of 120 days "U.S. Code"] 2 : to enter in the books a...

basis

basis pl: ba·ses [-sēz] 1 : something (as a principle or reason) on which something else is established [the court could not imagine any conceivable for the statute] see also rational basis 2 : a basic principle or method ;esp : the principle or method by which taxable income is calculated NOTE: The Internal Revenue Code has set some limits on which method a taxpayer may use for figuring taxable income. For example, a corporation with gross receipts under $5,000,000 may be a cash-basis taxpayer. ac·cru·al basis : a method of accounting in which income and expenses are recorded in the period when they are earned or incurred regardless of when the payment is received or made called also accrual method cash basis : a method of accounting in which income and expenses are recorded in the period when payment is received or made called also cash method 3 : the value (as cost or fair market value) of an asset used in calculating capital gains or losses for inc...

bond

bond 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure to perform or abstain will obligate the person or often a surety to pay a sum of money or will result in the forfeiture of money put up by the person or surety ;also : the money put up NOTE: The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. In most cases a surety is involved, and the bond makes the surety responsible for the consequences of the obligated person's behavior. Some bonds, such as fidelity bonds, function as insurance agreements, in which the surety promises to pay for financial loss caused by the bad behavior of an obligated person or by some contingency over w...

jus accrescendi

jus accrescendi [Latin, literally, right of increasing] : a right of accrual ;specif : right of survivorship compare accretion ...

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