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

DISQUALIFICATION, in the UK, is when a director is found guilty of "unfit" conduct. The director may then be disqualified from holding any management position for 2 to 15 years.

PASSIVE ACTIVITY is defined in the US Tax Code as one or more trades, business or rental activity that the taxpayer does not materially participate in managing or running. All income and losses from passive activities are grouped together on an income tax return and, generally, loss deductions are limited or suspended until the passive activity that generated them is disposed of in its entirety.

Suggest a Term

Enter Search Term

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