ACCRUED LIABILITY Definition

Bookmark and Share

ACCRUED LIABILITY are liabilities which are incurred, but for which payment is not yet made, during a given accounting period. Some examples in a manufacturing environment would be: wages, taxes, suppliers/vendors, etc.

Learn new Accounting Terms

GROSS PAY is employee salary prior to the application of taxes and other deductions.

PERIOD COST is an expense that is not inventoriable; it is charged against sales revenues in the period in which the revenue is earned (e.g., SG&A is a period cost). Also called period expense.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.