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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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An accrued expense is an expense:

  1. a. incurred but not paid
  2. b. incurred and paid
  3. c. paid but not incurred
  4. d. not reasonably estimable

To determine

Identify the meaning of accrued expense.

Explanation

Accrued expense:

Accrued expense is an expense that is incurred but not yet paid. It is treated as liability until the expense is paid. Hence, accrued expenses require adjustment at the end of the year.

Option (a):

The accrued expense is an expense which is incurred but not yet paid. Therefore, Option a, is the correct answer.

Option (b):

The accrued expense is an expense which is incurred but not yet paid...

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