{"id":1613,"date":"2023-05-29T11:06:59","date_gmt":"2023-05-29T11:06:59","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=1613"},"modified":"2024-09-14T05:07:41","modified_gmt":"2024-09-14T05:07:41","slug":"what-is-the-difference-between-incurred-and-accrued-expenses","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/","title":{"rendered":"What is the difference between incurred and accrued expenses, in the context of accounting? What are some examples?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#Difference_between_incurred_and_accrued_expenses\" >Difference between incurred and accrued expenses<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#For_more_information_visit_this_site_https_wwwmcagovin\" >For more information visit this site: https:\/\/www.mca.gov.in\/<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#FAQs\" >FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#1What_does_%E2%80%9Cincurred_expense%E2%80%9D_mean\" >1.What does &#8220;incurred expense&#8221; mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#2_What_does_%E2%80%9Caccrued_expense%E2%80%9D_mean\" >2. What does &#8220;accrued expense&#8221; mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#3_When_is_an_incurred_expense_recognized\" >3. When is an incurred expense recognized?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#4_When_is_an_accrued_expense_recognized\" >4. When is an accrued expense recognized?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#5_How_does_an_incurred_expense_affect_financial_statements\" >5. How does an incurred expense affect financial statements?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#6_How_does_an_accrued_expense_affect_financial_statements\" >6. How does an accrued expense affect financial statements?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#7_Can_an_incurred_expense_be_an_accrued_expense\" >7. Can an incurred expense be an accrued expense?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#8_Are_accrued_expenses_always_paid_immediately\" >8. Are accrued expenses always paid immediately?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#9_Do_incurred_expenses_require_adjusting_journal_entries\" >9. Do incurred expenses require adjusting journal entries?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#10_What_is_the_impact_of_accrued_expenses_on_cash_flow\" >10. What is the impact of accrued expenses on cash flow?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#For_further_details_visit_https_vibrantfinservcomservice-detail-25php\" >For further details visit:\u00a0https:\/\/vibrantfinserv.com\/service-detail-25.php<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Difference_between_incurred_and_accrued_expenses\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"92\" height=\"44\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 92px) 100vw, 92px\" \/><span style=\"text-decoration: underline;\">Difference between incurred and accrued expenses<\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/31.8-itr-660x347.jpg\" alt=\"Difference between incurred and accrued expenses\" width=\"333\" height=\"175\" \/><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;In accounting, \\&quot;incurred expenses\\&quot; and \\&quot;accrued expenses\\&quot; are two different concepts, although they are sometimes used interchangeably.\\n\\nIncurred expenses refer to expenses that a company has already paid for, either in cash or by incurring a liability. These expenses have been recorded in the company's accounts and have been recognized as an expense on the company's income statement. For example, if a company pays its employees' salaries at the end of the month, the salary expense is incurred when the employees work during the month and is recorded as an expense when the company pays the salaries at the end of the month.\\n\\nOn the other hand, accrued expenses refer to expenses that a company has incurred but has not yet paid for. These expenses have not yet been recorded in the company's accounts, and therefore have not been recognized as an expense on the company's income statement. Instead, they are recorded as a liability on the company's balance sheet until they are paid. For example, if a company receives a bill for utilities at the end of the month, but has not yet paid the bill, the expense is accrued at the end of the month, and is recorded as a liability on the balance sheet until the bill is paid.\\n\\nIn summary, the key difference between incurred expenses and accrued expenses is the timing of the recognition of the expense on the company's income statement and balance sheet. Incurred expenses are recognized as expenses on the income statement when the payment is made, while accrued expenses are recognized as liabilities on the balance sheet when the expense is incurred, and as expenses on the income statement when the payment is made.\\n\\nExamples of incurred expenses include rent, salaries, and insurance premiums, while examples of accrued expenses include utilities, interest, and taxes.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8963,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;11&quot;:4,&quot;12&quot;:0,&quot;16&quot;:10}\">In accounting, Incurred and Accrued Expenses are two different concepts, although, Difference between incurred and accrued expenses are sometimes used interchangeably.<\/span><\/p>\n<p>Incurred expenses refer to expenses that a company has already paid for, either in cash or by incurring a liability. These expenses have been recorded in the company&#8217;s accounts and have been recognized as an expense on the company&#8217;s income statement. For example, if a company pays its employees&#8217; salaries at the end of the month, the salary expense\u00a0 incur when the employees work during the month and record as an expense when the company pays the salaries at the end of the month.<\/p>\n<p>On the other hand, accrued expenses refer to expenses that a company has incurred but has not yet paid for. These expenses have not yet record in the company&#8217;s accounts, and therefore have not recognize as an expense on the company&#8217;s income statement. Instead, they record as a liability on the company&#8217;s balance sheet until they have paid. For example, if a company receives a bill for utilities at the end of the month, but has not yet paid the bill, the expense accrue at the end of the month.\u00a0 It records as a liability on the balance sheet until the bill pay.<\/p>\n<p>In summary, the key difference between them is the timing of the recognition of the expense on the company&#8217;s income statement and balance sheet. Incurred expenses recognize as expenses on the income statement when the payment make, while accrued expenses recognize as liabilities on the balance sheet when the expense incur, and as expenses on the income statement when the payment make.<\/p>\n<p>Examples of incurred expenses include rent, salaries, and insurance premiums, while examples of accrued expenses include utilities, interest, and taxes.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"For_more_information_visit_this_site_https_wwwmcagovin\"><\/span><span style=\"color: #000000;\"><strong>For more information visit this site<\/strong>:<\/span><a href=\"https:\/\/www.mca.gov.in\/\"> https:\/\/www.mca.gov.in\/<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1What_does_%E2%80%9Cincurred_expense%E2%80%9D_mean\"><\/span><strong>1.What does &#8220;incurred expense&#8221; mean?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans:<\/strong> It refers to a cost that has already been consumed or used up during a period.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_does_%E2%80%9Caccrued_expense%E2%80%9D_mean\"><\/span><strong>2. What does &#8220;accrued expense&#8221; mean?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans<\/strong>: It\u2019s a cost that has been incurred but not yet paid or recorded in the books.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_When_is_an_incurred_expense_recognized\"><\/span><strong>3. When is an incurred expense recognized?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans<\/strong>: It\u2019s recognized when the expense has been used or consumed, even if the payment hasn\u2019t been made.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_When_is_an_accrued_expense_recognized\"><\/span><strong>4. When is an accrued expense recognized?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans<\/strong>: It\u2019s recognized when the expense occurs but the payment is made later, typically at the end of an accounting period.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_How_does_an_incurred_expense_affect_financial_statements\"><\/span><strong>5. How does an incurred expense affect financial statements?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans:<\/strong> It\u2019s recorded in the income statement as an expense, reflecting the cost of operations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_How_does_an_accrued_expense_affect_financial_statements\"><\/span><strong>6. How does an accrued expense affect financial statements?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans:<\/strong> It\u2019s recorded as a liability on the balance sheet and an expense on the income statement.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_an_incurred_expense_be_an_accrued_expense\"><\/span><strong>7. Can an incurred expense be an accrued expense?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans<\/strong>: Yes, if the incurred expense has not yet been paid or recorded by the end of the accounting period.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Are_accrued_expenses_always_paid_immediately\"><\/span><strong>8. Are accrued expenses always paid immediately?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans<\/strong>: No, they are paid after they have been recognized in the accounting period.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_Do_incurred_expenses_require_adjusting_journal_entries\"><\/span><strong>9. Do incurred expenses require adjusting journal entries?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans:<\/strong> they have been incurred but not yet recorded, adjusting entries are needed.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_What_is_the_impact_of_accrued_expenses_on_cash_flow\"><\/span><strong>10. What is the impact of accrued expenses on cash flow?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans:<\/strong> They don\u2019t impact cash flow until payment is made; they affect the income statement and balance sheet before that.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\">Contact:\u00a0\u00a0\u00a0\u00a0 8130555124, 8130045124<\/span><\/p>\n<p><span style=\"color: #000000;\">Whatsapp:\u00a0<\/span>\u00a0<u><a href=\"https:\/\/wa.me\/918130555124\" target=\"_blank\" rel=\"noopener\">https:\/\/wa.me\/918130555124<\/a><\/u><\/p>\n<p><span style=\"color: #000000;\">Mail ID:\u00a0\u00a0\u00a0<\/span>\u00a0\u00a0\u00a0<a href=\"mailto:operations@vibrantfinserv.com\">operations@vibrantfinserv.com<\/a><\/p>\n<p><span style=\"color: #000000;\">Web Link:\u00a0\u00a0<\/span>\u00a0<u><a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/u><\/p>\n<p><span style=\"color: #000000;\">FB Link:\u00a0\u00a0<\/span>\u00a0\u00a0\u00a0\u00a0<u><a href=\"https:\/\/fb.me\/vibrantfinserv2\" target=\"_blank\" rel=\"noopener\">https:\/\/fb.me\/vibrantfinserv<\/a><\/u><\/p>\n<p><span style=\"color: #000000;\">Insta Link:<\/span>\u00a0\u00a0<u><a href=\"https:\/\/www.instagram.com\/vibrantfinserv2\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.instagram.com\/vibrantfinserv2\/<\/a><\/u><\/p>\n<p><span style=\"color: #000000;\">Twitter:\u00a0\u00a0\u00a0<\/span>\u00a0\u00a0\u00a0<u><a href=\"https:\/\/twitter.com\/VibrantFinserv\" target=\"_blank\" rel=\"noopener\">https:\/\/twitter.com\/VibrantFinserv<\/a><\/u><\/p>\n<p><span style=\"color: #000000;\">Linkedin:<\/span>\u00a0\u00a0 \u00a0<u><a href=\"https:\/\/www.linkedin.com\/in\/vibrant-finserv-62566a259\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.linkedin.com\/in\/vibrant-finserv-62566a259\/<\/a><\/u><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/envoice.eu\/wp-content\/uploads\/2022\/08\/99374f66-accrued-accounting-1-1024x683.jpg\" alt=\"Difference between incurred and accrued expenses\" width=\"335\" height=\"223\" \/><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"For_further_details_visit_https_vibrantfinservcomservice-detail-25php\"><\/span><span style=\"color: #000000;\"><strong>For further details visit:\u00a0<a href=\"https:\/\/vibrantfinserv.com\/service-detail-25.php\">https:\/\/vibrantfinserv.com\/service-detail-25.php<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Difference between incurred and accrued expenses In accounting, Incurred and Accrued Expenses are two different concepts, although, Difference between incurred and accrued expenses are sometimes used interchangeably. Incurred expenses refer to expenses that a company has already paid for, either in cash or by incurring a liability. These expenses have been recorded in the company&#8217;s\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":16301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1459],"tags":[774,1536,1535],"class_list":["post-1613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finance","tag-accountingbasics","tag-accruedvsincurred","tag-expenserecognition"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Difference between incurred and accrued expenses<\/title>\n<meta name=\"description\" content=\"n accounting, Incurred and Accrued Expenses are two different concepts, although, Difference between incurred and accrued expenses are.....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Difference between incurred and accrued expenses\" \/>\n<meta property=\"og:description\" content=\"n accounting, Incurred and Accrued Expenses are two different concepts, although, Difference between incurred and accrued expenses are.....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/\" \/>\n<meta property=\"og:site_name\" content=\"Knowledge Base | Vibrant Finserv\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-29T11:06:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-14T05:07:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/31.8-itr.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"kbadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"kbadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-difference-between-incurred-and-accrued-expenses\/\"},\"author\":{\"name\":\"kbadmin\",\"@id\":\"https:\/\/vibrantfinserv.com\/kb\/#\/schema\/person\/51e4fe2a2fecbd55efb5d87c1afe5345\"},\"headline\":\"What is the difference between incurred and accrued expenses, in the context of accounting? 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