When you pay the amount due, you reverse the original entry. Usually, accrued liabilities occur in one period, and you pay the expense in the next period. To happen; to take place; as, I will write if opportunity occurs.
Verb
This rule states that the final letter needs to be doubled when a word of two or more syllables places stress on the last syllable. In this case, occur fits the grammar rule so you must spell it with two Rs. The correct way to spell occurred is with two Rs and two Cs. The easiest way to remember how to write occurred is to note that the correct spelling has two sets of double consonants. The question for the court was which charges the policyholder in fact incurred.
Additionally, taking on debt sometimes allows people and businesses to pursue ventures that otherwise would be impossible. Also, incurring some debt is required to obtain a favorable credit rating, provided that debt is handled responsibly. Though you don’t exchange cash, you’re obligated to pay the accrued liability in the future. Accrued liability and accrued expense can be used interchangeably. Accrual accounting is based on the matching principle that ensures that accurate profits are reflected for every accounting period.
Using occurred in a sentence
Let’s take a quick look at the meaning of occurred, how to use it in sentences, and how to get the spelling correct every time. Here are a few examples of the correct spelling of occurred in a sentence. Incurred debt always requires some action by the person or company that acquires it. Often the action is the signing of a loan, rental lease or service contract. Another key feature of incurred debt is that it typically remains valid for a specific amount of time. The last key feature of incurred debt is that it decreases the amount of disposable income you have available.
If the damage was malicious (someone else purposely caused the damage), then you might the damage was inflicted on them. If they brought the problem on themselves, then you can talk about the damage incurred. If the damage was caused by a natural catastrophe, it was simply damage sustained by them. Now that you know the meaning of the word, let’s dig into the different spellings and which one you should use in your writing.
As verbs the difference between incurring and occur
The word occurred is simply the past tense or past participle of the word occur. If you’ve spelt it incorrectly the tool will highlight it and show the correct spelling. If you’ve misspelt it intentionally, then you can simply ignore the prompt. Of course, you can always use ProWritingAid to check if you’re spelling occurred correctly. Note that the term damage may have a more narrow / specialist legal definition here than in the usage described in the paragraphs above.
For example, when you actually pay off the credit card used to buy supplies, the incurred expense becomes a paid expense. However, the correct spelling is occurred, with two Cs and two Rs. For example, if your business receives $10,000 worth of goods from a supplier who expects payment within the next month, the business has incurred a $10,000 expense. When you incur a debt, your creditor, lender or service provider has a right to repayment. If you fail to repay what you owe, the people or company to whom you owe money may sue you to collect your debt.
Browse Nearby Words
- Occur is a verb that means to happen, to take place, or to come into existence.
- Incurred debt is negative, however, when the amount you owe exceeds the amount you can repay, or when the lack of proper budgeting and payment planning prevents you from paying the debt off.
- Recording an amount as an accrual provides a company with a more comprehensive look at its financial situation.
- Damage incurred sounds better to me, and I was also thinking about inflicted, but I’m not sure whether this word is applicable if the damaged object referred to is not human.
- The word occurred is simply the past tense or past participle of the word occur.
The revenue for each period is matched to the expenses incurred in earning that revenue during the same accounting period. For example, sale commission expenses will be recorded in the period that the related sales are reported, regardless of when the commission was actually paid. Bankruptcy is a legal process that allows a business to sell off its assets and close its doors or restructure to continue operations.
- When you incur a debt, your creditor, lender or service provider has a right to repayment.
- Accordingly, she never “incurred” those charges, and the complaint was properly dismissed.
- To give you a better understanding of what the word occurred means, here are some synonyms for occurred.
- Usually, accrued liabilities occur in one period, and you pay the expense in the next period.
Sometimes occurred is the perfect word for your sentence and you shouldn’t use a substitute. Occur is a verb that means to happen, to take place, or to come into existence. It can also mean to present or offer (itself) or to come to mind.
Bankruptcy can cancel or reduce certain debts, which makes it easier for you to pay off incurred expenses that remain. Bankruptcy is typically considered a method of last resort for dealing with accumulated expenses, as it can have a severe negative impact on the business’s ability to qualify for credit. An incurred expense is a cost that your business owes when receiving goods or services. In business, the phrase “incurred expenses” typically refers to costs incurred that have not been paid.
You enter an accrued liability into your books at the end of an accounting period. In the next period, you reverse the accrued liabilities journal entry after paying the debt. An accrued liability occurs when you gain a debt, or incur an expense that you have not paid. Paid expenses are incurred expenses that you have paid for.
For instance, when a business hires a contractor to do work for a day, it incurs an expense because the contractor expects payment for the services that he has performed. If the business gives the contractor cash for the services performed at the end of the day, the incurred expenses become a paid expense. For instance, if you pay a bill with a credit card because your paycheck arrives late and you subsequently pay the credit card balance as soon as possible, you may avoid financial trouble.
How to Spell Occured Correctly
There are many words in the English language that are challenging to spell. Here are a few examples of occurred being used in sentences. Damage incurred sounds better to me, and I was also thinking about inflicted, but I’m incurred vs occurred not sure whether this word is applicable if the damaged object referred to is not human.
Occured vs Occurred: Which Is Correct?
Recording an amount as an accrual provides a company with a more comprehensive look at its financial situation. There is a general spelling rule that when a verb ends in a consonant, the consonant is sometimes doubled before adding the –ed. We’ll be the first to admit that spelling English words can be a little challenging. Incurred debt is negative, however, when the amount you owe exceeds the amount you can repay, or when the lack of proper budgeting and payment planning prevents you from paying the debt off.