Definition An Accrued Expenses Ledger is a financial record that tracks expenses that have been incurred but not yet paid. These expenses represent a company’s liabilities and are an essential part of accrual accounting, which provides a more accurate picture of a company’s financial position. When expenses are accrued, they are recognized in the financial statements even though no cash transaction has occurred.
Components of Accrued Expenses Ledger The components of an Accrued Expenses Ledger typically include the following:
Definition Estate planning is the process of arranging the management and disposal of a person’s estate during their life and after death. It involves the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
Definition Probate is the legal process by which a deceased person’s will is validated and their estate is administered according to their wishes or under the guidance of law if there’s no will. This procedure ensures the orderly distribution of the deceased’s assets to heirs and beneficiaries, the settlement of any debts and the resolution of any disputes. Probate involves the court’s recognition of a person’s death and the appointment of an executor or administrator to manage the estate.