Archives: Glossary

An accrued liability is an obligation that a business has incurred but has not yet paid at the end of…

Accrued income is income that has been earned during the accounting period but not yet received in cash. It is…

An accrued expense is an expense that has been incurred during the accounting period but not yet paid. It is…

An accrued charge is an expense that has been incurred but not yet paid at the end of the accounting…

Accrued benefits are benefits that an employee has earned over time but has not yet received. They usually arise in:…

The accruals concept states that income and expenses should be recorded in the period to which they relate, not when…

Accrual accounting is a method of accounting where income and expenses are recorded when they are earned or incurred, not…

An accrual is an income or expense that is recorded in the accounts before cash is received or paid. It…

Accretion means a gradual increase in the value of an asset or liability over time. In finance and accounting, it…

The accounts receivable collection period is the average time a business takes to collect money from customers who bought on…