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Accounting, Accounting method, Accounting period, Accretion, Accrual method

Accounting n. The act or a system of establishing how the assets of a business, estate, trust, or other similar entity were managed and disposed of.

Accounting method n. The accepted method by which a person or business consistently determines his income and expenses and allocates them to an accounting period in order to determine his taxable income.

Accounting period n. The regular span of time for accounting purposes. For example, the period used by a taxpayer to calculate her income and to determine her tax liability.

Accretion n. 1 In property law, the gradual increase in land through natural processes; for example, the creation of land caused by the deposit of sediment on a shoreline of a river or ocean. The new land becomes the property of the owner of the property to which it is attached. 2 In succession law, the increase in an heir or legatee's interest in property when a co-heir or co-legatee dies before the property vests, rejects his inheritance or legacy, fails to comply with a condition to be met before vesting, or otherwise becomes incapable of taking the property.

Accrual method n. An accounting method that records income and expenses when they are earned or incurred rather than when they are received or paid.

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