accrued expenses

Accrued expenses have not yet been paid for, so they are recorded in a payable account.

Accrued expenses is a liability with an uncertain timing or amount, but where the uncertainty is not significant enough to qualify it as a provision.

The fiscal 1990 results included the reversal of certain non-recurring accrued expenses determined to be in excess of anticipated requirements.

Clubs receive immediate cash payment for sales, while inventories, accrued expenses, and other current liabilities normally carry longer payment terms.

While costs are added to the construction in progress, related CIP account is debited with corresponding credits to accounts payable, accrued expenses, inventory, cash, and others.

Unpaid period costs are accrued expenses (liabilities) to avoid such costs (as expenses fictitiously incurred) to offset period revenues that would result in a fictitious profit.

Accrued Expenses are obligations owed but not billed such as wages and payroll taxes, or obligations accruing, but not yet due, such as interest on a loan.

To add to the confusion, some legalistic accounting systems take a simplistic view of 'accrued revenue' and 'accrued expenses", defining each as revenue or expense that has not been formally invoiced.

Accounts payable, salaries and wages payable, income taxes, bank overdrafts, trust accounts, accrued expenses, sales taxes, advance payments (unearned revenue), debt and accrued interest on debt, etc.

Among other things, Mr. Olstein found that accounts receivable were rising almost 50 percent faster than revenues, while accrued expenses, a reserve set up by the company for future payments, fell 30 percent in the quarter.

An example is an obligation to pay for goods or services received from a counterpart, while cash for them is to be paid out in a later accounting period when its amount is deducted from accrued expenses.

A small business balance sheet lists current assets such as cash, accounts receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible assets such as patents, and liabilities such as accounts payable, accrued expenses, and long-term debt.