Prior to the adjusting process, accrued expenses have
A) not yet been incurred, paid, or recorded
B) been incurred, have not been paid, but have been recorded
C) been incurred but not paid and not recorded
D) been paid but have not yet been incurred

Question

Quizplus · Accepted Answer

Accrued expenses are expenses that have been incurred but not yet paid or recorded in the company's accounting records. This is why adjusting entries are necessary to accurately reflect these incurred expenses in the financial statements.

Prior to the Adjusting Process, Accrued Expenses Have