Accrued expenses are
A) paid and recorded in an asset account before they are used or consumed.
B) paid and recorded in an asset account after they are used or consumed.
C) incurred but not yet paid or recorded.
D) incurred and already paid or recorded.

Question

Quizplus · Accepted Answer

Accrued expenses are expenses that have been incurred but have not yet been paid or recorded. They are recognized as a liability on the balance sheet until they are paid.

Accrued Expenses Are