Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 19)
What is the impact of the adjustment for accrued expenses on the balance sheet?
Increases assets and decreases liabilities.
Decreases assets and decreases liabilities.
Increases liabilities and decreases equity.
Increases liabilities and increases equity.
Explanation
Accrued expenses results in liabilities increase and reduce owner’s equity.
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