definition obligation incurred
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obligations incurred obligations incurred. Amounts for which orders are placed, contracts awarded or entered into, goods or services received, and other transactions (that require commitment of funds in a given accounting period) are initiated or executed. You Also Might Like...
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obligation 9. An implied obligation is one which arises by operation of law; as, for example, if I send you daily a loaf of bread, without any express authority, and you make use of it in your family, the law raises an obligation on your part to pay me the value of the bread. 10.
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- Use obliged in a sentence. LINK / CITE ADD TO WORD LIST. verb. Obliged is defined as compelled to do something, or feeling as though one should do something. An example of being obliged is feeling the need to return a favor.
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obligation Related Terms. 1  1. General: Bond of moral duty (whether of necessity or of one's own choosing) that ties two or more parties together. 2  2. Accounting: Duty to make future payment that is incurred as soon as a purchase order is placed, encumbers a certain sum of money, and is called obligation incurred. 3. Legal: Liability or duty to do something or refrain from doing something under the terms of a contract, such as the obligation of a borrower (the obligor) to pay back the lender (the obligee) under the terms of the loan agreement. Obligations usually involve a penalty for non-fulfillment.
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- Self‐Funding Terminology Cheat Sheet Page 3 of 6 KEY TERM ALTERNATIVE NAMES DEFINITION IBNR Incurred but not reported/revealed claims Claims that have been Incurred But Not Reported. Refers to claims that are in the lag period that occurs between a claim's incurral date and paid date.
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Definitions &Translations obligation(noun) the state of being obligated to do or pay something. he is under an obligation to finish the job. obligation, indebtedness(noun) a personal relation in which one is indebted for a service or favor. debt instrument, obligation, certificate of indebtedness(noun) a written promise to repay a debt.
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- 1. 1  an expense incurred but not yet paid, as accrued interest on notes payable. 2  an expense incurred but not yet paid, as accrued interest on notes payable. Origin of accrued expense. 1980-1985. First recorded in 1980-85.
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- Accrued Expense. An accrued expense is a liability that represents an expense that has been recognized but not yet paid. Not every transaction requires an immediate exchange of cash for goods and services.
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obligation- definition and synonyms 1. have an obligation to someone/something : The firm has an obligation to its customers. obligation to do something : Buyers have no legal obligation to disclose personal financial information. meet/honour/fulfil an obligation : The council has failed to fulfil its statutory obligation to the public.
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debt Definition of owe - have an obligation to pay or repay (something, especially money) in return for something received Definition of owe - have an obligation to pay or repay (something, especially money) in return for something received
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- 1 Buchanan, Tennessee. 2  Buchanan, Tennessee, with a population of 2.230, is located in Henry County, TN and 77.2 miles from Nashville, TN. 3  In 1944, Sulphur Well was covered by TVA's Kentucky Lake, the largest man-made lake in the United States and the second largest in the world.
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Spencer Electric, Inc.Government Contractor in Malta, MT Dollars Obligated. The net dollar amount that has been obligated or de-obligated by this contract. The obligation amount is the amount of money the federal agency has paid the vendor. A negative obligation amount is a de-obligation, meaning the money was given back to the federal agency.
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OBLIGATION • OBLIGATION (noun) The noun OBLIGATION has 4 senses: 1. the social force that binds you to the courses of action demanded by that force. 2. the state of being obligated to do or pay something. 3. a personal relation in which one is indebted for a service or favor. 4. a legal agreement specifying a payment or action and the penalty for failure to comply. Familiarity information: OBLIGATION used as a noun is uncommon.
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owe owe. 1  To be indebted to the amount of: He owes me five dollars. 2  To have a moral or legal obligation to render or offer: I owe them an apology. 3  To be in debt to: We owe the plumber for services rendered. 4  To be indebted or obliged for: owed their riches to oil; owes her good health to diet and exercise.
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Posts Tagged âFinancial Pandoraâ According to IAS 39 the amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, and minus any reduction for impairment or uncollectibility.
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- accrued expense. Definition. An expense that is incurred, but not yet paid for, during a given accounting period. “ I have an accrued expense while I was on my work trip in several countries during the past several months.
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Liability (financial accounting) A constructive obligation is an obligation that is implied by a set of circumstances in a particular situation, as opposed to a contractually based obligation. The accounting equation relates assets, liabilities, and owner's equity: The accounting equation is the mathematical structure of the balance sheet. Probably the most accepted accounting definition of liability is the one used by the International Accounting Standards Board (IASB).
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obligation 17. An alternative obligation is, where a person engages to do, or to give several things in such a manner that the payment of one will acquit him of all; as if A agrees to give B, upon a sufficient consideration, a horse, or one hundred dollars. Poth. Obl.
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- 1An act or course of action to which a person is morally or legally bound; a duty or commitment. with infinitive ‘I have an obligation to look after her’. ‘By virtue of his royal birth, Prince Charles enjoys great privileges and, therefore, has a greater obligation to put duty before his own selfish whims.’. ‘We must do our utmost to honor the obligations contained in these commitments.’.
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obligation obligation. 1. 'obligation' and 'duty'. If you say that someone has an obligation to do something or a duty to do something, you mean that they ought to do it, because it is their responsibility. When obligation and duty are used like this, they have the same meaning.
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duty duete; see due, ty 2 ]. syn: duty, obligation refer to something a person feels bound to do. A duty often applies to what a person performs in fulfillment of the permanent dictates of conscience, piety, right, or law: one's duty to tell the truth; a parent's duty to raise children properly.
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Accrual An example of an accrued expense is a pending obligation to pay for goods or services received from a counterpart, while cash is to be paid out in a later accounting period when the amount is deducted from accrued expenses.
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incur in·curred, in·cur·ring, in·curs. 1  To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2  To become liable or subject to as a result of one's actions; bring upon oneself: incur the anger of a friend.
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- A second category involves the purchase of goods and services for. which an obligation is incurred, but where the goods and services are. used during more than one accounting time period (see Exhibit 2). For example, consider an insurance premium that is paid on July.
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commitment Definitions (3) 1.Accounting: Earmarking or setting-aside of funds in response to a purchase requisition. These funds remain committed (encumbered) until the purchased good or service is paid-for after its receipt, thereby converting the encumbrance into an expenditure. See also obligation. 2.Lending: Written assurance from a lender to a borrower that a specified amount of loan or line of credit will be made available at a certain rate and during a certain period. Lenders charge a commitment fee for this service.
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liability 1 something one is obligated to do or an obligation required to be fulfilled by law, usually financial in nature. 2 the amount of money required to fulfill a financial obligation. Health insurance The potential for paying claims based on use of an insured service.