Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 5 - No. 21)
Which of the following statements accurately describes accrued expenses?
Expenses that have been paid in advance.
Expenses that have been incurred but not yet paid.
Revenue that has been collected in advance.
Revenue that has been earned but not yet collected.
Explanation
Accrued expenses represent costs that have been incurred but not yet paid.
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