METHOD OF ACCOUNTING

Pronunciation (US):

(GB):

IPA (US):

 Dictionary entry overview: What does method of accounting mean? 

• METHOD OF ACCOUNTING (noun)
  The noun METHOD OF ACCOUNTING has 1 sense:

1. a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts

  Familiarity information: METHOD OF ACCOUNTING used as a noun is very rare.

 Dictionary entry details 

• METHOD OF ACCOUNTING (noun)

Sense 1

Meaning:

A bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts

Classified under:

Nouns denoting possession and transfer of possession

Synonyms:

accounting; accounting system; method of accounting

Hypernyms ("method of accounting" is a kind of...):

register (a book in which names and transactions are listed)

Hyponyms (each of the following is a kind of "method of accounting"):

control account (an account that shows totals of amounts entered in a subsidiary ledger)

accounting entry; entry; ledger entry (a written record of a commercial transaction)

credit side (account of payments received; usually the right side of a financial statement)

debit side (account of payments owed; usually the left side of a financial statement)

accrual basis (a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made)

cash basis (a method of accounting in which each item is entered as payments are received or made)

pooling of interest (an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free)

audit; audited account (an inspection of the accounting procedures and records by a trained accountant or CPA)

limited review; review ((accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data)

Holonyms ("method of accounting" is a member of...):

account book; book; book of account; ledger; leger (a record in which commercial accounts are recorded)