Accrual Basis - Law Dictionary Search Results
Home Dictionary Name: accrual basisaccrual 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 method
accrual method : accrual basis at basis ...
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...
sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
accrual
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 bond
accrual bond see bond ...
On a regular basis
On a regular basis, when a person is appointed to a post against a permanent vacancy on probation, his appointment is on a regular basis, but when a person is appointed to a post on a purely temporary or on an ad hoc basis, the appointment is not on a regular basis, K. Madhavan v. Union of India, AIR 1987 SC 2291 (1296): (1987) 4 SCC 655: (1988) 1 SCR 421. (Constitution of India, Art. 309)...
rational basis test
rational basis test : a test less intensive than strict scrutiny or an intermediate review that involves a determination of whether a statutory or regulatory classification of persons (as by age or offender status) has a rational basis and does not deny equal protection under the Constitution [if the classification neither affects a fundamental right, nor creates a suspect classification, nor is based on gender, then the rational basis test is applied "Charlton v. Kimata, 815 P.2d 946 (1991)"] called also rational relationship test ...
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