accrued expense


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Related to accrued expense: unearned revenue, Accrued Revenue

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.

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.
References in periodicals archive ?
Increase (Decrease) Accrued expenses and other Deferred tax Retained assets earnings Overstatement of deferred tax assets (1) $ -- $ ( 300,000) $ (300,000) Understatement of accrued expenses (2) 147,000 -- (147,000) $ 147,000 (300,000) (447,000) (1) The Company adjusted the tax basis of property, plant and equipment by reducing deferred tax assets as a result of an overstatement of these deferred tax assets that accumulated over several previous years.
treasury funds $61,365,559 Other current assets 666,511 Total current assets 62,032,070 Property and Equipment, at cost 14,911,021 Less accumulated depreciation and amortization (5,774,823) Net property and equipment 9,136,198 Other Assets 72,427 Total Assets $71,240,695 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $2,620,635 Notes and capital leases payable, current portion 174,996 Deferred revenue and gain 2,333 Total current liabilities 2,797,964 Long-Term Liabilities: Notes and capital leases payable 171,983 Deferred revenue 420,000 Stock warrants 2,771,090 Total long-term liabilities 3,363,073 Commitments and Contingencies -- Stockholders' Equity: Preferred stock, $.
Accounts payable and accrued expenses: "The controls over recording accounts payable and accrued expenses were improperly designed and were not operating effectively to ensure that all expenditures were identified and recorded in the appropriate account and period.
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.
Some current liabilities include payroll taxes, accrued expenses, deferred income and accounts payable.
The Agreement also provides for NFI to assume responsibility for payment of certain trade payables and accrued expenses of VLI.
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.
9 million in cash and cash equivalents and our accounts payable and accrued expenses were approximately $2.
For example, net cost of operations of a federal entity generally includes accrued expenses to cover future employee sick leave.
In addition, it should pay as many accounts payable and accrued expenses as possible.