Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 5 - No. 5)
What does the term "accrued expenses" mean?
Expenses that have been paid but not yet recorded.
Expenses that have been incurred but not yet paid.
Expenses that are prepaid.
Expenses that have been recorded but not yet paid.
Explanation
Accrued expenses are expenses incurred but not yet paid.
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