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.

More On This Topic
  1. Five Things to Know About Proving a Product Liability Claim
  2. How Do I Get A Copy Of A Police Report?
  3. Nepotism, Cronyism, & Favoritism: Illegal Or Unethical?
  4. What Is Police Brutality?
  5. Three Conditions Required For Respondeat Superior
  6. Domestic Violence Laws
  7. How To Change Ownership Of A Limited Liability Company
  8. What Does Auto Liability Insurance Cover?
  9. What Happens When You File A False Police Report?
  10. Understanding the 4 Types of Notes Payable To Banks

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


Link to This Definition
Did you find this definition of ACCRUALS helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary