Keyword Analysis & Research: accrued expenses


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When should you accrue expenses?

Accrued expense is expense which has been incurred but not yet paid. Expense must be recorded in the accounting period in which it is incurred. Therefore, accrued expense must be recognized in the accounting period in which it occurs rather than in the following period in which it will be paid.

What is the difference between accrued and prepaid expense?

The accrued expense is the exact opposite of prepaid expense. Where prepaid expenses are included in the current asset, accrued expenses are included in the current liability. Accrued expenses are expenses that have been incurred but the payment has not been made yet.


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