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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FEDERAL OPEN MARKET COMMITTEE (FOMC) is a 12-member committee consisting of the seven members of the Federal Reserve Bank and five of the 12 Federal Reserve Bank presidents. The president of the Federal Reserve Bank of New York is a permanent member while the other Federal Reserve presidents serve on a rotating basis. The committee sets objectives for the growth of money and credit that are implemented through purchases and sales of U.S. Government securi­ties in the open market. The FOMC also establishes policy relating to Federal Reserve System operations in the foreign exchange markets.

CAPITAL COMMITMENT is an agreement to undertake capital expenditure at some set time in the future which has not yet become an actual liability.

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