Accruals

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Accruals

On a balance sheet, an expense or asset that is recognized before it is paid. Accruals are recorded as liabilities or assets (depending on the type) and are recognized because of the extremely high likelihood of payment. Accruals are generally periodic payments; examples include salaries and accounts receivable from well-known customers. They are recorded as "accrued" on a balance sheet on the date the payment begins to be expected; they remain in this section of the balance sheet until they are actually paid.
References in periodicals archive ?
While the correction of walnut cost accounted for the majority of the difference (reductions of 101% in 2011 and 117% in 2010), there were other corrections as well, including previously unrecognized and unrecorded accounts payable and accrued expenses, such as advertising, and other corrections related to stock-based compensation, foreign currency translation, timing of prepaid and expense recognition, capital lease designation, and deferred income tax.
In an email sent to members, no purchase price was mentioned, but the sales agreement called for Remillard to assume the club's outstanding obligations, including all bank debt, accounts payable, and other accrued expenses.
The committee convened by chairman Zayed Hamid on Wednesday, was briefed by audit authorities about mostly unauthorized and illegally accrued expenses accrued by foreign office on the hosting of OIC moot in 1998-99 in lieu of such services as transportation and hotel arrangements for visiting dignitaries; offering to have all audit confirmed in one months time.
After all this, it is obvious that the budget review at this moment is more than necessary due to the increased inflation and accrued expenses.
Users work with a library of financial objects, such as prepaid and accrued expenses and asset-based revolving lines of credit.
Oracle's solution, running on top of the Oracle8 database and Oracle Internet Application Server, gives MSC visibility and traceability for all financial transactions, the capability to enter accrued expenses as they occur instead of monthly and the ability to record worldwide transactions in the period in which they occur.
For example, net cost of operations of a federal entity generally includes accrued expenses to cover future employee sick leave.
Some current liabilities include payroll taxes, accrued expenses, deferred income and accounts payable.
1989), the court thus said this was not a case where accrued expenses "significantly exceed[ed]" the taxpayer's cash payment obligations and where the obligation to make payments consistent with the accrual was under the taxpayer's unilateral control.
The Agreement also provides for NFI to assume responsibility for payment of certain trade payables and accrued expenses of VLI.
941 Liabilities and Net Assets Current Liabilities: Accounts payable $ 562 $ 463 Accrued expenses 1.
Companies should be particularly careful when reporting inventory, accounts receivable and accrued expenses.