Which of the following is an accrued expense?
A) Rent owed but not yet paid
B) Accumulated depreciation
C) Inventory in process
D) A prepaid advertising expense

Question

Quizplus · Accepted Answer

An accrued expense is an expense that has been incurred but has not yet been paid. Rent owed but not yet paid is an example of an accrued expense. Accumulated depreciation is a contra-asset account that reflects the total amount of depreciation expense that has been recognized to date on a long-term asset. Inventory in process is a type of inventory that is in the process of being manufactured or assembled, but has not yet been completed. A prepaid advertising expense is an expense that has been paid in advance and is recorded as an asset until it is used up or expired.

Which of the Following Is an Accrued Expense