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In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. [1] The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting.
Income-tax-basis financial statements. Cash-basis and modified-cash-basis financial statements. Financial statements prepared using definitive criteria having substantial support in accounting literature that the preparer applies to all material items appearing in the statements (such as the price level basis of accounting).
Basis of futures, the value differential between a future and the spot price; Basis (options), the value differential between a call option and a put option; Basis swap, an interest rate swap; Cost basis, in income tax law, the original cost of property adjusted for factors such as depreciation; Tax basis, cost of an asset
For more information about the philosophical background for open-source software, see free software movement and Open Source Initiative. However, nearly all software meeting the Free Software Definition also meets the Open Source Definition and vice versa. A small fraction of the software that meets either definition is listed here.
This application can be installed via desktop download, or cloud-hosted by the author or installed locally on Microsoft Windows or Linux, accessed via common web browsers, and utilizes MySQL and PHP. The software includes the following modules: Accounts Payable; Accounts Receivable; Administrative Tools; Automatic Bank Integration (via Plaid)
Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specifying ...
Tax basis may be relevant in other tax computations. [1] Tax basis of a member's interest in a partnership and other flow-through entity is generally increased by the members share of income and reduced by the share of loss. The tax basis of property acquired by gift is generally the basis of the person making the gift.
In tax accounting, adjusted basis is the net cost of an asset after adjusting for various tax-related items. [1] Adjusted Basis or Adjusted Tax Basis refers to the original cost or other basis of property, reduced by depreciation deductions and increased by capital expenditures. Example: Muhammad buys a lot for $100,000. He then erects a retail ...