After the accrual of unrecorded expenses,________ are decreased by later cash payments.

Name: After the accrual of unrecorded expenses,________ are decreased by later cash payments.
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Question

Quizplus · Accepted Answer

Accrued expenses are liabilities that have been incurred but not yet paid for. When these expenses are recorded, the corresponding liability account is increased. Later, when the payment is made, the liability account is decreased. Therefore, the correct answer is E, liabilities.

After the Accrual of Unrecorded Expenses,________ Are Decreased by Later