Accrued Liabilities
/ækˈruːd ˌlaɪəˈbɪlɪtiz/
Definitions
- (n.) Expenses that a company has incurred but has not yet paid by the end of an accounting period.
The accountant recorded accrued liabilities for unpaid wages in the financial statement.
Forms
- accrued liabilities
- accrued liability
Related terms
See also
Commentary
Accrued liabilities are critical in matching expenses to the period in which they are incurred, a key principle in accrual accounting.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.