Business terms and jargon explained. Your business dictionary

What is Accruals Basis

A method of recording transactions to relate them to the period when the exchange of ownership of the goods, services or financial asset applies. For example, value added tax accrues when the expenditure to which it relates takes place, but HM Revenue and Customs receive the cash some time later. The difference between accruals and cash results in the creation of an asset and liability in the financial accounts, shown as amounts receivable or payable.

Crown Copyright. Material taken from National Statistics website: www.statistics.gov.uk. Reproduced under the terms and conditions of the Click-Use Licence.

<- Go Back
Business Terms Home page

Search jargon and terms database to learn more:-

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z


Search Term   

Intermediate goods Contempt of Court Forfeit Lien
Won Quasi-judicial functions Capsizing Employment rules and regulations
Receiver Arbitration Discretionary Trust Stateful Inspection
Materiality Balance Sheet T-account Insider report
Civil List Ram Group Incentive Money Trail
VLO SHA256 Privilege Venire
N121 Civil Court form N349 Civil Court form Routing Disciplinary procedure
Line Manager Macro environment Outward Processing Relief 7Z
Resource Allocation Not negotiable Exchange rate risk N379 Civil Court form
Avatar Company Car Industrial Tax Exemption Garage Sale

Term created / updated 2007-01-19 00:19:32

Knowledge is the key to success. That is why we have gone to great lengths to get you these business terms, and to explain them in Plain English so it is very easy to understand. Getting the right understanding and knowing your business jargon will keep you informed among your peers.

Copyright © 2004-2019 Scopulus Limited. All rights reserved.