Please study the 15 vocabulary terms below. Then press the Mark Complete button to continue.
- accrual basis accounting
- the method of accounting in which income and expenditure are recorded at the date they are earned / incurred
- be consistent with
- in agreement with, in accordance with
- depreciation
- the method of allocating the cost of an asset over its useful life
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From the accounting point of view, it doesn't matter when you actually receive the payment as I am using accrual basis accounting so I have already accounted for the invoice.
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Whichever method you use when accounting for tax, it is important to be consistent with the regulations in that method.
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The depreciation of the new machine will happen over 12 years.
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