| Library / English Dictionary |
METHOD OF ACCOUNTING
| Pronunciation (US): |  | (GB): | |
I. (noun)
Sense 1
Meaning:
A bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
Synonyms:
accounting; accounting system; method of accounting
Classified under:
Nouns denoting possession and transfer of possession
Hypernyms ("method of accounting" is a kind of...):
register (a book in which names and transactions are listed)
Hyponyms (each of the following is a kind of "method of accounting"):
control account (an account that shows totals of amounts entered in a subsidiary ledger)
accounting entry; entry; ledger entry (a written record of a commercial transaction)
credit side (account of payments received; usually the right side of a financial statement)
debit side (account of payments owed; usually the left side of a financial statement)
accrual basis (a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made)
cash basis (a method of accounting in which each item is entered as payments are received or made)
pooling of interest (an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free)
audit; audited account (an inspection of the accounting procedures and records by a trained accountant or CPA)
limited review; review ((accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data)
Holonyms ("method of accounting" is a member of...):
account book; book; book of account; ledger; leger (a record in which commercial accounts are recorded)
