Examlex
If cyst is the word root for bladder, what is cystitis?
Accrual Basis
An accounting method that recognizes revenue when earned and expenses when incurred, regardless of cash flow.
Recognizes Expenses
The accounting process of formally recording or acknowledging that an expense has occurred, typically impacting the profit and loss statement.
Fiscal Year
A twelve-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.
Accounting Period
An accounting period is a specific duration of time used to measure and report financial activity, such as monthly, quarterly, or annually.
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