accrual basis

noun

1. a method of recording income and expenses in which each item is reported as earned or incurred without regard to when actual payments are received or made.

Word History and Origins

Origin of accrual basis¹

First recorded in 1930–35

Example Sentences

“It’s Subpart F, it’s S Corporations, it’s partnerships, and it’s taxing on an accrual basis. So give me why it is that you think we can decide for you, without putting any of those kinds of very established taxation schemes at risk,” Justice Elena Kagan asked the Moores’ attorney.

From Washington Times

On an accrual basis, February is the seventh month in the 2020-2021 fiscal year.

From Washington Times

October marked the third month in the 2020-2021 budget year on an accrual basis.

From Washington Times

September marked the second month on an accrual basis of the fiscal year for Tennessee.

From Washington Times

Time of recording 1.101 Flows shall be recorded on an accrual basis; that is, when economic value is created, transformed or extinguished, or when claims and obligations arise, are transformed or are cancelled.

From Forbes