Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 35)
What is accrued expense?
An expense that has been paid in advance.
An expense that has been incurred but not yet paid.
An expense that is expected to be incurred in the future.
An expense that is not recorded.
Explanation
Accrued expense is an expense that has been incurred and recognized but not yet paid during the period.
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