Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 8 - No. 43)
What is the effect of accrued expense on the income statement and the statement of financial position?
Increase expense and increase liability
Increase expense and decrease liability
Decrease expense and increase liability
Decrease expense and decrease liability
Explanation
Accrued expense increases the expense on the income statement and increases the liability on the statement of financial position.
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