Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 8)
In the context of accounting, what does 'accrued expenses' mean?
Expenses paid in advance.
Expenses incurred but not yet paid.
Expenses that will be paid in the future.
Expenses recorded in the past.
Explanation
Accrued expenses are expenses that have been incurred but not yet paid.
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