Tag Archives: payable

Define accrued expenses

Define accrued expenses An expense incurred but not yet paid. A firm incurs certain expenses such as wages, interest, and taxes that are paid only periodically. From the time expenses are incurred until the date they are paid, expenses accrue in a firm’s balance sheet. Or An expense that has occurred but the transaction has not been entered in the …

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Define order cheque

Define order cheque A cheque which is paid to a named person with the words ‘or order’ after the payee’s name, showing that he or she can endorse it and pass it to someone else if desired Source: http://www.investorwords.com/10485/order_cheque.html#ixzz2XK1uJAqf Or An order cheque is payable to the person named in the cheque or his order. Order cheque is paid by …

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Define Liabilities

Define Liabilities A financial establishment that invests money deposited by customers, pays it out when required, makes loans at interest, and exchanges. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed. For example, …

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