Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 15 - No. 41)
Which accounts are affected when adjusting for an accrued expense?
An asset and an expense account.
A liability and an expense account.
A liability and a revenue account.
An asset and a liability account.
Explanation
Accrued expense increases a liability account (such as Salaries Payable) and an expense account (such as Salaries Expense).
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