General accounting

General accounting

Use this category for general accounting terms.

Industry: Accounting

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General accounting

accrued future service benefit

Accounting; General accounting

Benefits credited to a participant's defined benefit plan based on the participant's eligible years of service that follow the plan's start date up to the most recent plan year.

accrued income

Accounting; General accounting

Amount earned in the current accounting period, but which will be received in a subsequent period.

Interest earned but not received (realized). For example, bonds usually pay interest every six months, therefore interest accrues between one interest payment and the next. The buyer of a bond pays ...

accrued liability

Accounting; General accounting

Debt, expense, or obligation incurred in an accounting period but chargeable or payable in another.

accrued revenue

Accounting; General accounting

Revenue earned in the current accounting period, but which will be collected in a subsequent period. Also called unrealized revenue.

accrued tax

Accounting; General accounting

Tax incurred on the income-to-date, but which is to be paid at the end of the accounting period.

accumulated adjustment account

Accounting; General accounting

An account used by S corporations which have retained earnings and profits are required to keep per the US tax code in order to assure that distributions receive the proper tax treatment. The account ...