Mid-Month Convention

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Definition: Mid-Month Convention

Mid-Month Convention
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Full Definition of Mid-Month Convention

A precedent established by the United States Internal Revenue Service (IRS) in order to simplify the recording of asset depreciation for businesses. According to the mid-month convention, a business may record a depreciable asset that was disposed of during a given month as having been disposed of at the mid-point of that month, instead of requiring the exact day for calculating depreciation.

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https://payrollheaven.com/define/mid-month-convention/
Modern Language Association (MLA):
Mid-Month Convention. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 19, 2024 https://payrollheaven.com/define/mid-month-convention/.
Chicago Manual of Style (CMS):
Mid-Month Convention. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/mid-month-convention/ (accessed: April 19, 2024).
American Psychological Association (APA):
Mid-Month Convention. PayrollHeaven.com. Retrieved April 19, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/mid-month-convention/

Definition Sources

Definitions for Mid-Month Convention are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.