Thanks to accrual basis accounting, many expenses appear on the balance sheet before money changes hands. The company records these expenses, called accrued expenses, in the period they occur. They ...

The Tax Court denied two related partnerships their claimed deductions for accrued production costs connected to their tomato products business because the partnerships had not incurred a liability ...

There are many industries where companies provide goods or services but aren’t immediately paid for them. From an accrual basis accounting standpoint, these represent accrued revenue for the company.

Part of running a business involves tracking revenue and costs on an ongoing basis. Companies with large- or medium-size customer bases may track accrued revenue in different ways depending on the ...