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cRYPTO Glossary
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Accrued Liabilities
Accrued liabilities are financial obligations that have been incurred by a company but have not yet been paid or recorded in the company's financial records.
Explanation of Specific Terms:
- Financial obligations: Debts or liabilities that a company owes to creditors or suppliers.
- Not been paid: The liabilities have not been settled with cash or its equivalent.
- Invoices for these obligations have not been received: The bills or invoices for these expenses have not yet been received from suppliers or service providers.
- Accrual basis accounting: Recording expenses when they are incurred rather than when they are paid.
Key Points for Beginners:
- Why it's important: Accrued liabilities ensure that expenses are recorded in the correct accounting period, matching them with the revenue generated in that period, providing a more accurate financial statement.
- How it works: For example, if a company receives services from a supplier but hasn't received the invoice yet, the cost of those services is accrued as a liability until the invoice is received and paid.
Valdis Zhvaginsh
Crypto Enthusiast, CWT Editor
Hello, I'm Valdis
When I began exploring cryptocurrencies, I had many questions. Over time, I've gathered some of the best resources that helped me, and I believe they can be useful to you as well.
I hope these resources assist you in starting your journey into the world of cryptocurrencies and provide useful tools for everyday tasks.
If you have any suggestions or corrections, please contact me
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