Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 9)
Which of the following is an example of an accrued expense?
Rent paid in advance
Salaries earned by employees but not yet paid
Cash received from a customer for services to be provided
Supplies purchased on credit
Explanation
Accrued expenses are expenses that have been incurred but not yet paid. Salaries fall into this category.
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