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.
All broker dealers must maintain their financial information on an accrual accounting basis. The question is what is accrual accounting? Generally Accepted Accounting Principles (GAAP) defines accrual accounting as matching revenues with expenses for a particular period. However, this theory known as the matching concept sometimes causes an item in the balance sheet not to meet the definition of a liability.