HI Aliasgar,
An accrued amount in something which is recorded in the books, but yet to be recieved or paid actualy
For eg, An accrued expense is a liability which is yet to be paid. These expenses are typically periodic and documented on a company's balance sheet due to the high probability that they will be paid.
Accrued expenses are the opposite of prepaid expenses. Firms will typically incur periodic expenses such as wages, interest and taxes. Even though they are to be paid at some future date, they are indicated on the firm's balance sheet from when the firm can reasonably expect their payment, until the time they are paid.
Similary An accrued income is something which is recorded in the books as, but is yet to be collected in real.
Regards
Sach!n
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