![]() To illustrate this let’s have a look at the following example. This term alludes to money being passed under a table in some shady transaction, such as a bribe. ![]() On the other hand, in the case of revenues, they must be recorded when the invoice is issued. A CREATE OR REPLACE operation does not change the ID of the synonym, nor any privileges associated. ![]() This means that, in order to keep accounting records adequately updated and truly reliable, accountants must record each financial transaction on the date of their occurrence and not the date in which they were actually paid for. What is another word for transaction promissory note harmony reconciliation attestation espousal modus vivendi entente cordiale gentlemans. Replaces the definition of the synonym if it already exists. This site is secured with 256bit encryption so you can rest assured your information and transactions are safe. This concept states that all transactions, regardless of their nature, must be recognized (recorded) when they are incurred, regardless of the date in which they were paid for. Synonyms and Definition of Attention to Detail. What is the definition of incurred? The term incurred is particularly important concept in generally accepted accounting principles under the accrual basis of accounting. Electronic Commerce - ecommerce: Electronic commerce (ecommerce) is a type of business model, or segment of a larger business model, that enables a firm or individual to conduct business over an. In other words, it is the exact date in which a financial operation has happened and must be recognized in the accounting system. Definition: Incurred, in accounting terms, means the moment in which an expenses has occurred or a transaction has taken place and must be recorded.
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