An adjusting entry to accrue an incurred expense will affect total liabilities.

Name: An adjusting entry to accrue an incurred expense will affect total liabilities.
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Question

Quizplus · Accepted Answer

An adjusting entry to accrue an incurred expense means that an expense has been incurred but not yet paid or recorded. This means that a liability has been created and needs to be recorded through an adjusting entry to accurately reflect the company's financial position. Therefore, the entry affects total liabilities.

An Adjusting Entry to Accrue an Incurred Expense Will Affect