Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 23 - No. 34)
Which of the following statements is true regarding accrued expenses?
They are expenses that have been paid in advance.
They are expenses that have been incurred but not yet paid.
They are expenses that have been neither incurred nor paid.
They are the same as prepaid expenses.
Explanation
Accrued expenses represent obligations that have been incurred but not yet paid.
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