Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:

Question

Quizplus · Accepted Answer

Expenses that are incurred but not paid by the end of the year are called accruals. Accruals are recorded as liabilities on the balance sheet and as expenses on the income statement, so they affect both the company's financial position and its profitability.

Any Expenses That Are Incurred but Not Paid by the End