The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is a(n)
A) contra asset.
B) prepayment.
C) asset.
D) accrual.

Question

Quizplus · Accepted Answer

An accrual refers to expenses or revenues that have been incurred or earned but not yet paid or received, and thus not yet recorded in the accounts.

The General Term Employed to Indicate an Expense That Has