- Prepare journal vouchers for all accrued expense to support monthly closing.
- Thus, accrued liabilities also are called accrued expenses.
- Thus, accrued liabilities also are called accrued expenses .
- The expenses attributable to the current period but not yet paid in current period shall be recognized as accrued expenses of the current period.
- Accrued expenses have already been deducted in determining an entity's current tax liability for the current or earlier periods.
- Short term borrowings, deposits from customers (advance deposits) and accrued expenses shall be accounted for separately.