Accrued expense: Difference between revisions
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''Financial reporting.'' | ''Financial reporting - balance sheet - liabilities.'' | ||
An amount owing - but not yet invoiced - for: | An amount owing - but not yet invoiced - for: | ||
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* [[Bookkeeping]] | * [[Bookkeeping]] | ||
* [[Deferred income]] | * [[Deferred income]] | ||
* [[Expenditure]] | |||
* [[Expense]] | * [[Expense]] | ||
* [[Financial reporting]] | * [[Financial reporting]] | ||
Latest revision as of 22:16, 14 July 2022
Financial reporting - balance sheet - liabilities.
An amount owing - but not yet invoiced - for:
- Services or goods received before the end of the accounting period; or
- Other economic benefits enjoyed before the end of the accounting period.
An accrued expense is a form of liability, because it represents cash that will have to be paid out in the future, for a benefit that has already been received.
Accrued expenses may include estimates about the amounts of final future payments, or their likelihood, or both.
Also known as an accrual.
