"Annual basis" refers to a measurement or calculation that is conducted yearly or on a yearly timeframe. It is a phrase commonly used in various fields such as finance, accounting, business, and planning to describe activities, processes, or events that occur annually.
When something is analyzed or evaluated on an annual basis, it means that data is collected, compared, or assessed once per year to review progress, track performance, or make informed decisions. For example, a company may assess its financial performance on an annual basis by examining its income statement, balance sheet, and cash flow statement at the end of each fiscal year.
Similarly, a person's salary or wages can be determined on an annual basis, representing the total earnings over a year. Companies often calculate benefits, raises, or bonuses on an annual basis as well, considering an individual's performance and contributions throughout the year.
Furthermore, various legal, governmental, or administrative processes may operate on an annual basis. Tax returns, for instance, need to be filed annually by individuals and businesses to report their income and pay any applicable taxes. In addition, annual budgets are created by governments, organizations, or households to allocate resources and plan for expenses over the course of the year.
Overall, "annual basis" denotes a timeframe or cycle that occurs once per year, often involving analysis, assessments, calculations, measurements, or planning.
