Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 40)
What does 'accrued expenses' mean?
Expenses that have been paid in advance.
Expenses that have been incurred but not yet paid.
Expenses that have been estimated.
Expenses that have not been recorded.
Explanation
Accrued expenses are liabilities for expenses that have been incurred but not yet paid for during an accounting period.
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