Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 21 - No. 40)
What impact does the adjustment for accrued expenses have on the financial statements?
Increases liabilities and decreases expenses.
Decreases liabilities and increases expenses.
Increases liabilities and increases expenses.
Decreases liabilities and decreases expenses.
Explanation
Accrued expenses increase liabilities because an amount is owed and increase expenses in the income statement.
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