Expenses that have been incurred and recognized on the income statement but not yet paid are accrued liabilities.

Name: Expenses that have been incurred and recognized on the income statement but not yet paid are accrued liabilities.
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Accrued liabilities are expenses that have been recognized on the income statement but have not yet been paid. Examples include salaries and wages, interest expense, and taxes. These are recorded as current liabilities on the balance sheet.

Expenses That Have Been Incurred and Recognized on the Income