Asked by Jasmine Montero on Jun 21, 2024
Verified
Accrued expenses at the end of one accounting period are expected to result in cash payments in a future period.
Accrued Expenses
Expenses that have been incurred but not yet paid for, recognized in the accounting period they are incurred, not when they are paid.
Accounting Period
A specific period of time used for financial accounting purposes, during which financial statements are prepared.
Cash Payments
Outflows of cash from a company to settle obligations or purchase goods and services.
- Understand and calculate accrued expenses.
Verified Answer
YJ
YUYANG JIANGJun 23, 2024
Final Answer :
True
Explanation :
Accrued expenses are expenses that have been incurred but not yet paid for, and are expected to be paid in a future period. Therefore, they represent amounts that will result in cash payments in the future.
Learning Objectives
- Understand and calculate accrued expenses.