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Multiple Select Question
Select all that apply
Explain your understanding of what an accrued expense is by selecting the statements below which are correct. (Check all that apply.)
Adjustments involve increasing both an expense and a liability account.
They are reported on an income statement.
Examples of accrued expenses are wages expense and interest expense.
They are also called accounts receivable.
They refer to earnings which have been earned, but not yet billed.
They refer to costs that are incurred in a period, but are both unpaid and unrecorded.
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Sagot :

The statement that is correct about accrued expense is adjustments involve increasing both an expense and a liability account

What are accrued expenses?

Accrued expenses include all expenses incurred by a company or industry that is documented.

Some of the expenses could be purchase of raw materials that is yet to be delivered but have been paid for and documents in the accounting book. It is also called accrued liability

Therefore, The statement that is correct about accrued expense is adjustments involve increasing both an expense and a liability account

Learn more on expenses below

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