accrued liabilities

What Is The Term For An Expense Which Has Been Incurred But Not Yet Paid?

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What Is The Term For An Expense Which Has Been Incurred But Not Yet Paid? Accrued expenses, also known as accrued liabilities, are expenses recognized when they are incurred but not yet paid in the accrual method of accounting. Typical accrued expenses include utility, salaries, and goods and services consumed but not yet billed. Is

What Happens If An Accrued Expense Is Not Recorded?

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What Happens If An Accrued Expense Is Not Recorded? If an accrued expense is not recorded in the appropriate month, expenses on your income statement will be too low, as would the accrued liabilities that appear on your balance sheet. What would be the consequence of not making adjustment entry for accrued expense? Often, an