Virtually all accruals are best guess estimates of obligations arising from merchandise purchases for which vendor invoices have not yet been received.

Name: Virtually all accruals are best guess estimates of obligations arising from merchandise purchases for which vendor invoices have not yet been received.
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Accruals can also include other expenses such as wages, taxes, and interest that have been incurred but not yet paid, not just obligations from merchandise purchases.

Virtually All Accruals Are Best Guess Estimates of Obligations Arising