Today's financial term of the day is Accruals.
Accruals refer to the accounts that are on a balance sheet that signify the liabilities as well as non cash based assets that are referenced in accrual based accounting. These particular accounts can include a number of things, among them:
• accounts payable
• accounts receivable
• goodwill
• future tax liability
• future interest expense
Check back tomorrow for a new financial term of the day as well as more news and updates from the world of credit, money and finance.
Have a great weekend!
