Some liabilities,such as accrued salaries and rent,are recognized at the end of the next accounting period in the form of adjustments to the financial statements.

Question

Quizplus · Accepted Answer

Accrued salaries and rent are recognized at the end of the current accounting period, not the next, as adjustments to ensure that expenses are recorded in the period in which they are incurred (accrual basis of accounting).

Some Liabilities,such as Accrued Salaries and Rent,are Recognized at the End