accrual basis
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 333 U.S. 496 - Commissioner of Internal Revenue v. South Texas Lumber Co · 1948Most cited · 2,076 citing opinions
a basis under which all obligations of a company applicable to a year are listed as expenditures, whether paid that year or not, and all obligations to it incurred by others applicable to the year are set up as income on the same basis