|
Today's Terms
Accrual Accounting
Definition:
Under this method of accounting, income is recognized when earned, whether or not collected, and expenses are recognized when events have occurred that determine that a liability exists and the amount of the liability can be ascertained with reasonable accuracy.
Cash disbursements
Definition:
Cash disbursements money paid out by the business owner for goods and services received.
Balance sheet
Definition:
Statement, which gives a picture of the business position at a given point in time. It shows what a business owns (assets) and what the business owes (liabilities).
More Business Lawyers.com Terms >
|
Did You Know?