give 3 examples of accrued expenses
Question
give 3 examples of accrued expenses
Solution
-
Salaries and Wages Payable: If a company's pay date falls after the end of the accounting period, the unpaid salaries and wages represent an accrued expense.
-
Interest Payable: If a company has borrowed money, the interest on the loan that accumulates over time but has not yet been paid by the end of the accounting period is an accrued expense.
-
Utilities Payable: If a company has used electricity, water, or other utilities during the accounting period but has not yet received or paid the bill by the end of the period, the estimated cost of those utilities is an accrued expense.
Similar Questions
Accrued expenses are:Multiple Choicepaid for in one period but not fully used until a later period.paid for, recorded, and used in one period.used in one period but not paid for until a later period.budgeted but not paid for or used during the period
An accrued expense is an example of a:(5 Points)Prepaid expenseUnearned revenueAccrued liabilityDeferred revenue
Accrued expenses*a. decrease liabilitiesb. increase liabilitiesc. increase assetsd. decrease assets
Accrued expenses are:Question 1Answera.incurred and already paid or recorded.b.incurred but not yet paid or recorded.c.paid and recorded in an asset account after they are used or consumed.d.paid and recorded in an asset account before they are used or consumed.
The amount of accrued but unpaid expenses at the end of the period is both an expense and*a. an assetb. a revenuec. a liabilityd. a deferral
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.