1, Thus, accrued liabilities also are called accrued expenses.

2, All companies incur accrued liabilities.

3, The need to record accrued liabilities arises from the fact that certain expenses are incurred by the business before they are actually paid.

4, Examples of accrued liabilities include interest payable, income taxes payable, and amounts related to payrolls.

5, Every business incurs a number of accrued liabilities relating to its payroll.

6, Included in accrued liabilities at September 30, 2006 is accrued interest to the Company's CEO in the amount of $7,210 and accrued rent to the Company's Secretary in the amount of $3,600.

7, Among the most common examples of current liabilities are accounts payable, short-term notes payable, the current portion of long-term debt, accrued liabilities, and unearned revenue.