Asked by
Anne Masters Calfee
on Oct 28, 2024
Verified
The adjusting entry to record an accrued expense increases liabilities.
Accrued Expense
An expense that has been incurred but has not yet been paid or recorded in financial statements through standard accounting entries.
Liabilities
Financial obligations or debts owed by a business to external organizations or individuals.
- Draw a distinction between accrued revenues and expenses and their repercussions on fiscal reports.
Verified Answer
BB
Learning Objectives
- Draw a distinction between accrued revenues and expenses and their repercussions on fiscal reports.
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