Asked by Deonna Hershey-Kisses on Jun 20, 2024
Verified
A salary owed to employees is an example of an accrued expense.
Accrued Expense
An accounting term for expenses that have been incurred but not yet paid, recorded on the books to reflect true financial position.
Salary Owed
The amount of payment due to employees for services rendered that has not yet been paid.
- Gain an understanding of and determine accrued expenses.
Verified Answer
SR
SIMONE ROYALJun 22, 2024
Final Answer :
True
Explanation :
Accrued expenses are expenses incurred but not yet paid or recorded. As the salary is earned by the employee but not yet paid, it is an example of an accrued expense.
Learning Objectives
- Gain an understanding of and determine accrued expenses.