ACCRUED EXPENSES Definition

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ACCRUED EXPENSES are expenses incurred during an accounting period for which payment is postponed.

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INTERNALLY GENERATED refers to the creation of either tangible or intangible results within the confines of one entity, e.g. internally generated funds are those funds that are realized through the efforts or operations of the entity itself, i.e. the funds were not borrowed or realized through other external means.

TOP DOWN is a concept of analyzing a subject, such as costs or revenue, starting from the highest level working towards the bottom.

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