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accrued vacation pay

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

The amount owed to employees as of a specified date for the amount of vacation pay that has been earned but has not been taken. For example, the accrued vacation pay as of December 31, 2023 is the amount the employees have earned as of December 31, 2023 but have not taken as of that date. The employees might take the vacation time during 2024 or they might be paid the amount in 2024.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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