1 answer

Accrued expenses are A) paid and recorded in an asset account before they are used or...

Question:

Accrued expenses are

A) paid and recorded in an asset account before they are used or consumed

B) paid and recorded in an asset account after they are used or consumed

C) incurred but not yet paid or recorded

D) incurred and already paid or recorded


Answers

Correct answer----------C) incurred but not yet paid or recorded

.

Accrued expense are expenses that are incurred but are either nit paid or not recorded in books of accounts. Accrued expense include interest expense accrued on a bank loan, salary of employee accrued , utility bill accrued etc.

Accrued expense are not paid in the period they are recorded.

.

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