Which current liability covers wages and taxes that have built up but for which no bill has arrived?

1. Accrued expenses are expenses, typically for wages and taxes, that have accumulated and must be paid at a specified future date within the year. 2. What marks them out is that the firm has not received a bill for them. 3. Accounts payable, by contrast, arise from credit purchases where the supplier has invoiced the firm. 4. Notes payable are short-term loans, so they rest on a loan agreement rather than on costs quietly piling up. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 14 "Using Financial Information and Accounting", section 14.4 The Balance Sheet_