Accrued liabilities
From Wikipedia, the free encyclopedia
Accrued liabilities are liabilities that reflect expenses that have not yet been paid or logged under accounts payable during an accounting period; in other words, a company's obligation to pay for goods and services that have been provided for which invoices have not yet been received.[1] Examples would include accrued wages payable, accrued sales tax payable, and accrued rent payable.
There are two general types of Accrued Liabilities:
- Routine and recurring
- Infrequent or non-routine
Routine and recurring Accrued Liabilities are types of transactions that occur as a normal, daily part of the business cycle.[2] Infrequent or non-routine Accrued Liabilities are transactions that do not occur as a daily part of the business cycle, but do happen from time to time.[2]
