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

Expenses that have been incurred but not yet paid are recorded as accruals on the balance sheet. Accounts payable is a liability account used to record amounts owed to suppliers and vendors for goods and services purchased. Accounts receivable is an asset account used to record amounts owed to the company by customers for goods and services sold on credit. Notes payable is a liability account used to record amounts borrowed by the company from lenders or financial institutions.

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