Current through Register Vol. 54, No. 45, November 9, 2024
Section 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.