Asked by
Roylyn Mc Natt
on Oct 20, 2024
Verified
Costs incurred during an accounting period but unpaid and unrecorded are accrued expenses.
Accrued Expenses
Expenses that have been incurred but not yet paid or recorded through standard invoicing, representing a company's obligation to make future payments.
- Become familiar with the conceptual scheme and purposes of adjusting entries in the discipline of accounting.
- Explain the concept of accrued expenses and how they are recognized in the accounting process.
Verified Answer
SR
Learning Objectives
- Become familiar with the conceptual scheme and purposes of adjusting entries in the discipline of accounting.
- Explain the concept of accrued expenses and how they are recognized in the accounting process.