ACCRUED LIABILITY Definition

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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.

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STANDARD OF VALUE is the identification of the type of value being utilized in a specific engagement; e.g. fair market value, fair value, investment value.

AUDIT ADJUSTMENT is a correction of a financial information misstatement identified by the auditor, whether recorded or not.

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