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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ASSET is anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others. (See also Liabilities).

TERM DEBT, as in Term Bonds, is debt that mature in one lump sum at a specified future date. Term debt is usually carried as one type of long-term debt.

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