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Many accrued liabilities are estimates of future expenses based on management s business expertise and projection of potential obligations Such estimates are recorded in reserves
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The term accrued liability refers to an expense incurred but not yet paid for by a business These are costs for goods and services already delivered to a company for which it must pay in the future A ...Get Instant Access to Expert-Tailored Solutions
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
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