But Krauss said that from the moment he and the other scientists arrived on the island, they never saw anything untoward.
COMPANIES THAT FAIL THE $1 MILLION AVERAGE revenue test are not affected by the revenue procedure. For them, determining whether to use the cash or accrual method hinges on two issues: the material income-producing factor test and their type of entity. COMPANIES SELLING MERCHANDISE GENERALLY must use the accrual method to account for purchases and sales.
Accrual Accounting. Definition: Accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged. The term accrual refers to any individual entry recording revenue or expense in the absence of a cash transaction . Most businesses typically use one of two basic accounting methods in their bookkeeping systems: cash basis or accrual basis.