Expenses that have been incurred (such as wages)but have yet to be paid,are reported on the balance sheet as ________.
A) accounts payable
B) accounts receivable
C) Accruals
D) notes payable

Question

Quizplus · Accepted Answer

Accruals are expenses that have been incurred but not yet paid. Examples include salaries and interest expenses. These are reported on the balance sheet under current liabilities. Accounts payable refers to amounts owed to suppliers for goods and services received but not yet paid for. Accounts receivable refers to amounts owed to the company by customers for goods and services provided but not yet paid for. Notes payable refers to amounts owed to lenders that are documented by promissory notes or loan contracts.

Expenses That Have Been Incurred (Such as Wages)but Have Yet