An expense that is incurred, but not yet paid for, during a given accounting period.
An expense that has been incurred, sometimes accumulating over time, but has not been paid. On balance day treated as a liability.
An expense that has been incurred, but not yet paid in cash. Similar to accounts payable, but usually associated with nontrade vendors. For example, an electric bill.
An expense incurred during an accounting period for which payment is not due until a later accounting period. This results from the purchase of services which at the time of accounting have only been partly performed, and are not yet billable, and have not been paid for.
An expense that has occurred but the transaction has not been entered in the accounting records. Accordingly an adjusting entry is made to debit the appropriate expense account and to credit a liability account such as Accrued Expenses Payable or Accounts Payable. To learn more, see Explanation of Adjusting Entries. To Top