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accrued expense

   Also found in: Medical, Wikipedia, Hutchinson 0.24 sec.
accrued expense
An expense incurred but not yet paid. A firm incurs certain expenses such as wages, interest, and taxes that are paid only periodically. From the time expenses are incurred until the date they are paid, expenses accrue in a firm's balance sheet.


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To deduct an accrued expense, an accrual-basis taxpayer must satisfy an all-events test.
When is a liability a liability? by Reichert, Charles J. / Journal of Accountancy
Thus, the accrued liability on the balance sheet would reflect the difference between cumulative accrued expense and amounts paid (or funded).
Financial statements and the FASB retiree health proposal by Dankner, Harold / Financial Executive
The IRS argued that once section 267(a)(2) disallowed a deduction for an accrued expense for a given tax year, the expense could not be deducted until it was paid.
Note sale: does it accelerate related-party interest deductions? by Reichert, Charles J. / Journal of Accountancy
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