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12 relations: Accounting standard, Accrual, Adjusting entries, All-events test, Artnell Company v. Commissioner, Cash method of accounting, Claim of right doctrine, Deferral, Government Accountability Office, Matching principle, Revenue recognition, Tax accounting in the United States.
Accounting standard
Financial statements prepared and presented by a company typically follow an external standard that specifically guides their preparation.
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Accrual
Accrual (accumulation) of something is, in finance, the adding together of interest or different investments over a period of time.
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Adjusting entries
In accounting/accountancy, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
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All-events test
The all-events test, under U.S. federal income tax law, is the requirement that all the events fixing an accrual-method taxpayer's right to receive income or incur expense must occur before the taxpayer can report an item of income or expense.
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Artnell Company v. Commissioner
Artnell Company v. Commissioner, 400 F.2d 981 (7th Cir. 1968) is a decision by the 7th Circuit Court of Appeals, in which the court, distinguishing from the holding in Schlude v. Commissioner, held that accrual method taxpayers are not required to include prepayments in gross income when there is certainty as to when performance would occur.
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Cash method of accounting
The cash method of accounting, also known as cash-basis accounting, cash receipts and disbursements method of accounting or cash accounting (the EU VAT directive vocabulary Article 226) records revenue when cash is received, and expenses when they are paid in cash.
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Claim of right doctrine
In the tax law of the United States the claim of right doctrine causes a taxpayer to recognize income if they receive the income even though they do not have a fixed right to the income.
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Deferral
A deferral, in accrual accounting, is any account where the asset or liability is not realized until a future date (accounting period), e.g. annuities, charges, taxes, income, etc.
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Government Accountability Office
The Government Accountability Office (GAO) is a legislative branch government agency that provides auditing, evaluation, and investigative services for the United States Congress.
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Matching principle
In accrual accounting, the matching principle states that expenses should be recorded during the period in which they are incurred, regardless of when the transfer of cash occurs.
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Revenue recognition
The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle.
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Tax accounting in the United States
U.S. tax accounting refers to accounting for tax purposes in the United States.
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