§ 149.5. Accounting to be on accrual basis.
(a) Each licensee is required to keep its accounts on the accrual basis. Accruals shall consist of expenses which have been incurred and reflected on the accounting records but have not been paid and of income which has been paid and of income which has been earned and reflected on the accounting records but has not yet been received.
(b) When payments are made in advance for items such as insurance, rents, taxes, interests, the amount applicable to future periods shall be charged to the appropriate prepayment account and spread over the periods to which applicable.
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
