What term describes expenses that are actually paid but not recognized as paid until a later period?

The term that describes expenses that are actually paid but not recognized as paid until a later period is "deferred assets." Deferred assets are costs that a company has incurred or paid for but are not recognized as expenses on the income statement until a future date. This accounting treatment allows businesses to match expenses to the revenues they help generate, adhering to the matching principle of accounting.

For example, if you pay for a service or product upfront that benefits future periods, the expense is recorded as a deferred asset, and only when the service is consumed or the product is used does it get recognized as an expense. This approach helps in presenting a more accurate financial picture in the period of incurred expenses.

Other options such as accrued liabilities pertain to expenses recognized in one period but not yet paid, fixed costs are consistent regardless of production or sales levels, and variable expenses fluctuate with production levels. These concepts differ significantly from the notion of deferred assets, which focus on timing differences in expense recognition.