Accrued Items

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Definition: Accrued Items

Accrued Items
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What is the dictionary definition of Accrued Items?

Dictionary Definition

  • Passive: On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.
  • Active: Expenses prepaid within the current business year which must be imputed to the new business year. A rent prepayment entitles the company to use its rented facilities during the new business year.

Accrued Items FAQ's

What Are Accrued Items?

Expenses that are owed but have not yet been paid. Mortgage interest, which is paid towards the end of the month, or property taxes, which may be paid after the tax year begins, are two examples. The buyer would be credited with these sums on a closing statement for a sale and would be liable for their payment.

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To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/accrued-items/
Modern Language Association (MLA):
Accrued Items. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 19, 2024 https://payrollheaven.com/define/accrued-items/.
Chicago Manual of Style (CMS):
Accrued Items. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/accrued-items/ (accessed: April 19, 2024).
American Psychological Association (APA):
Accrued Items. PayrollHeaven.com. Retrieved April 19, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/accrued-items/

Definition Sources

Definitions for Accrued Items are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th January, 2022 | 0 Views.