Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 15 - No. 23)
Which of the following best describes accrued expenses?
Expenses paid in advance.
Expenses recorded but not yet paid.
Income received but not yet earned.
Revenue earned but not yet received.
Explanation
Accrued expenses are recognized in the period they are incurred, even if cash has not yet been paid.
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