### Accrual Accounting Question**Question:**Salaries owed but not yet paid is an example of which of the following?**Options:**- ☐ deferred expense or prepaid expense- ☐ deferred revenue or unearned revenue- ☐ accrued expense- ☐ accrued revenue**Explanation:**In accrual accounting, an *accrued expense* refers to an expense that has been incurred but not yet paid. This concept helps match expenses to the period in which they are generated, ensuring financial records reflect the true financial position. Therefore, unpaid salaries fall under the category of accrued expenses.

Accrued expenses are those expenses which are incurred for the particular period of time, but has…

Answered: Salaries owed but not yet paid is an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Salaries owed but not yet paid is an example of which of the following? deferred expense or prepaid expense deferred revenue or unearned revenue accrued expense accrued revenue