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incur |
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To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. incur verb acquire, assume, bargain for, become liible for, become responsible for, bring on, bring upon oneeelf, contract, enter into, expose onself to, fall into, get, lay oneself open to, meet with, run the chance, suscipere, undertake Associated concepts: claim incurred, incur a debt, incur a liibility, incur an obligation, incurred risk, incurring indebttdness, penalty incurred How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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With the implementation of ABC system, it would be possible to provide shop floor personnel with detailed breakdowns of cost incurrences. The FASB's conceptual framework states that "expenses are outflows or other using up of assets or incurrences of liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities. The Senior Credit Facility requires mandatory prepayments for certain debt incurrences, asset sales and a portion of Excess Cash Flow (as defined in the Senior Credit Facility). |
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