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Accrued liabilities are those expenses that have not yet been paid.
To determine the amount of accrued liabilities we deduct the total amount paid for the expense from the total expense incurred during the accounting period.
Example
The rent expense incurred during the period was $2000. The total amount paid is $1600.
The accrued rent will be ($ 2000 - $ 1600)= $ 400 and will be treated as a current liability in the statement of financial position.
Expenses yet to be paid or reimburse in due courses of actions beyond the accounting period, logged and recognized are treated as accrued liabilities. Accrued interest expenses, employee pension fund, Gov't taxes and levies, commissions to agents, etc are all very common example of accrued liabilities.
Very simple to calculate and recording of accrued liabilities based on previous years' actual payment records and agreements regarding the payment mode.
Usually accrued liabilieties arised on one period and payment maid on next period.Normaly at the end of period we can calculate accrued laibility for that period.
