by Online Tutorial & Training Guide | Jan 24, 2026 | Chart of Accounts, Liabilities, Terminologies
Interest accrued on loans or notes but not yet paid. It is a short-term liability until settlement. This keeps financing costs accurately recorded.
by Online Tutorial & Training Guide | Jan 20, 2026 | Chart of Accounts, Liabilities, Terminologies
Represents amounts owed to government agencies for income, sales, or other taxes. Accurate calculation and timely payment prevent penalties. Reported as current liabilities.
by Online Tutorial & Training Guide | Dec 13, 2025 | Chart of Accounts, Liabilities, Terminologies
Similar to unearned revenue, but often used for long-term obligations like software subscriptions or annual service contracts. Recognized gradually as services are performed. Ensures revenue recognition compliance.
by Online Tutorial & Training Guide | Dec 10, 2025 | Chart of Accounts, Liabilities, Terminologies
Wages owed to employees for work performed but not yet paid. Recorded as a current liability until settled. Ensures accurate matching of labor costs to the correct period.
by Online Tutorial & Training Guide | Dec 10, 2025 | Chart of Accounts, Liabilities, Terminologies
Long-term liabilities for leased property or equipment under accounting rules. Depending on terms, leases can be operating or finance leases. Recognized on the balance sheet to show commitments.
by Online Tutorial & Training Guide | Nov 28, 2025 | Chart of Accounts, Liabilities, Terminologies
Obligations related to benefits such as health insurance, retirement contributions, or bonuses. Recorded as liabilities until settled. Important for tracking non-wage compensation.
