What is ACCRUALS?

A short term liability during an accounting period that is not recorded for payment.They are estimated by experience. It is not taken on a report to fit the accural basis accounting rules.

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Related Legal Terms
MORTGAGE LOAN PAYABLE, MATCHING PRINCIPLE, ACCRUAL PRINCIPLE, PERIODIC EXPENSES, PERIODICITY CONCEPT, CHANGE IN ACCOUNTING METHOD, EXPENSE REPORT, UNRECORDED EXPENSE, UNRECORDED REVENUE, LINE ITEM BUDGET


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