incurred cost
Definition
Costs accumulated during business activities that are recorded as liabilities on the company balance sheet until they are discharged or paid. Incurred costs may include direct operating or production expenses, indirect expenses such as overhead, and unexpected costs as well.
Use incurred cost in a sentence
“ You need to try and predict how much of an incurred cost may come with any project you take on. ”
“ I wondered what the incurred cost would be and I thought that things would work out in a different way if it was too much. ”
“ The estimated incurred cost of ABC Company's warehouse electricity consumed in the month of March will be recorded in March and paid in April. ”
