__________ is/are created when a revenue or expense has NOT been recorded by the end of the accounting period.

Question

Quizplus · Accepted Answer

Accruals are created when a revenue or expense has not been recorded by the end of the accounting period. This means that the revenue or expense has been earned/incurred but the related cash transaction has not yet occurred. Examples of accruals include interest expense, salaries payable, and accounts receivable.

__________ Is/are Created When a Revenue or Expense Has NOT