Accrued liabilities are expenses that have been incurred by a company as of the end of an accounting period, but the company has not yet received a bill for them and they have not yet been recorded.
The purpose of an accrued liability is to match the expense to the period when it was incurred.
It is a liability because it is an obligation that the company will eventually have to pay
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Qs: What is an accrued liability? Any ideas?
Qs: Can anyone think of any example?