Which of the following describes an accrued expense?
A) Incurred but not yet paid or recorded.
B) Paid and recorded in an asset account after they are used or consumed.
C) Paid and recorded in an asset account before they are used or consumed.
D) Incurred and already paid or recorded.
Correct Answer:
Verified
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A) liability accounts.
B)
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A) paid and recorded in
Q100: Accrued expenses are
A) paid and recorded in
Q109: Accrued revenues are:
A)received and recorded as liabilities
Q110: Adjusting entries are:
A)the same as correcting entries.
B)needed
Q114: A liability-revenue relationship exists with:
A)asset accounts.
B)revenue accounts.
C)unearned
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Q118: The preparation of adjusting entries is:
A)straightforward because
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