Accrued expenses are expenses that ________.
A) are likely to be incurred at a future time in a different financial year
B) have been incurred but for which bills have not yet been received
C) are long-term liabilities that have been incurred in a financial year
D) have been incurred and for which the bills have been received
E) are likely to be incurred at a future time in the same financial year

Question

Quizplus · Accepted Answer

A)Accrued expenses are expenses that have been incurred but for which bills have not yet been received. For example, because salespeople at Computer Central Services earn commissions, the company has a liability to those employees after the sale is made-regardless of when a check is issued to the employee.
B)Accrued expenses are expenses that have been incurred but for which bills have not yet been received. For example, because salespeople at Computer Central Services earn commissions, the company has a liability to those employees after the sale is made-regardless of when a check is issued to the employee.
C)Accrued expenses are expenses that have been incurred but for which bills have not yet been received. For example, because salespeople at Computer Central Services earn commissions, the company has a liability to those employees after the sale is made-regardless of when a check is issued to the employee.
D)Accrued expenses are expenses that have been incurred but for which bills have not yet been received. For example, because salespeople at Computer Central Services earn commissions, the company has a liability to those employees after the sale is made-regardless of when a check is issued to the employee.
E)Accrued expenses are expenses that have been incurred but for which bills have not yet been received. For example, because salespeople at Computer Central Services earn commissions, the company has a liability to those employees after the sale is made-regardless of when a check is issued to the employee.

Accrued Expenses Are Expenses That ________