accrued liabilities Definition | Business Dictionaries from AllBusiness.com
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Business Definition for: accrued liabilities
Dictionary of Accounting Terms
accrued liabilities
See also accrued expenses
Dictionary of Business Terms
accrued liabilities

amounts owed but not yet paid; does not necessarily indicate a default or delinquency.

Related Terms:
accrued expenses

incurred at the end of the reporting period but not yet paid; also called accrued liabilities. The accrued liability is shown under current liabilities in the balance sheet. For example, assume the last payroll date was January 28. The next payroll date is February 11. For the last few days of the month (January 29-January 31) the company owes its employees $500 in salaries. The appropriate journal entry on January 31 is to debit salaries expense and credit salaries payable for $500.

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