accrual accounting -- A system of accounting in which revenues are
recorded when earned and outlays are recorded when goods are received or
services performed, even though the actual receipt of revenues and payment
for goods or services may occur, in whole or in part, at a different time.
About the author
Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.