Accrual

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Definitions
Accrual
Accrual Accrued Charge Accrued Expense Accrued Liability Accounting Finance Balance Sheet Profit and Loss Account
An accrual is an accounting estimate of a liability for expenses not yet invoiced or requested for payment at the time the accounts are prepared, presenting a more accurate financial snapshot.
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Definitions
Accrued Charge
Accrued Charge Accrual Accounting Financial Statements Liabilities Expenses
Accrued charges represent obligations for goods or services that have been received or consumed but not yet paid for by the end of the accounting period.
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Definitions
Accrued Expense
Accrued Expense Accrual Accounting Financial Statements Expenses Liabilities Balance Sheet Profit and Loss
An accrued expense is a cost that has been incurred but not yet paid. These are obligations that a company must pay out in the future for services or goods that have already been received.
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Definitions
Closing Balance
Closing Balance Accounting Period Balance Sheet Accrual Prepayment Debit Balance Credit Balance
The debit or credit balance on a ledger at the end of an accounting period, which will appear on the balance sheet at that date and be carried forward to the next accounting period.
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