Accrued Expenses – What Is Accrued Expenses?

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What Is Accrued Expenses?

Expenses already incurred but not yet paid. As such, they are an interest-free source of short-term financing. Typical examples include unpaid taxes, wages and interest. For individuals, when we charge the restaurant bill to our credit card, between the time of eating out and the time we receive the credit card statement, the cost of the meal can be considered as an accrued expense.

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