|
WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!
Definitions from WordNet
|
Definitions from the Web
Accruals
Definition
Accruals refer to the process of accumulating or recording revenues and expenses in financial accounting, even when the cash transactions have not been completed.
Senses and Usages
-
Sense: Accounting
In the field of accounting, accruals are the recognition of revenues and expenses in the financial statements during the accounting period they occur, rather than when the cash transactions take place. This allows for a more accurate representation of a company's financial position.
Example Sentence:
"The company recorded their accruals for the year-end financial statements to provide a more comprehensive view of their financial performance."
-
Sense: Employee Benefits
Accruals can also refer to the accumulation or earning of employee benefits such as vacation days, sick leave, or other time-off entitlements over a period of time.
Example Sentence:
"After working for five years, employees are entitled to accruals of an additional week of paid vacation."
-
Sense: Taxes
Within the context of taxation, accruals may refer to the recognition of income or expenses for tax purposes, regardless of the actual cash flow occurring during the tax period.
Example Sentence:
"Business owners must report all accruals of income, even if the payments have not been received yet."
Related Products on Amazon
Explore further resources and books related to accruals:
Accruals on Amazon |