N.Y. Comp. Codes R. & Regs. tit. 20 § 46.2

Current through Register Vol. 46, No. 25, June 18, 2024

Section 46.2 - Methods of accounting

(a) A utility in this class keeping its accounts on the cash basis will include in gross operating income cash received by reason of any sale made or service rendered, all amounts allowed as credits against charges for sales made or services rendered, and credits allowed for property of any kind or nature.

(b) A utility keeping its accounts on the accrual basis will include in gross operating income all receipts accrued on its books for the reporting period, but will be permitted to deduct such sums as represent, for example, uncollectible accounts, returned merchandise, etc., regardless of when the sales were made or services rendered, thus achieving substantially, if not exactly, the same results as would be attained by accounting and reporting on the cash basis.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 46.2