Accrual

Legal Definition and Related Resources of Accrual

Meaning of Accrual

In relation to a cause of action , same is said to accrue at the time when a breach of a duty has occurred or when such wrong is sustained as will give the right to the injured party to bring and maintain an action . statute of limitations runs against a cause of action from time when it accrues which is when the holder thereof has the right to apply to courts for relief. Ennis v Ring, 353 P.2d 950, 56 Wash.2d 465.

Related Entries of Accrual in the Encyclopedia of Law Project

Browse or run a search for Accrual in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Accrual in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Accrual in Historical Law in the Encyclopedia of Law.

Legal Abbreviations and Acronyms

Search for legal acronyms and/or abbreviations containing Accrual in the Legal Abbreviations and Acronyms Dictionary.

Related Legal Terms

You might be also interested in these legal terms:

What does Accrual mean in American Law?

The definition of Accrual in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

That which is accrued. For “accrual clause,” see clause of accrual.

Accrual Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Accrual in a way that is easy for anybody to understand: The recognition of an expense or revenue that has occurred but has not yet been recorded.

United States Tax Concept of Accrual Method

The Accrual Method is a business method of accounting requiring income to be reported when earned and expenses to be deducted when incurred – rather than reporting income when you receive payment and expenses when you pay them. However, deductions generally may not be claimed until economic performance has occurred. The Accrual Method is usually used by most large corporations. If you own a business that maintains an inventory you are required to use the accrual method for purchases and sales.


Posted

in

,

by

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *