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is accrued expense is asset or liability
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Answer / john agbelengor
ACCRUED EXPENSE IS A LIABILTY.
THIS IS BECAUSE IT IS AN EXPENSE INCURED IN THE PREVIOUS
ACCOUNTING PERIOD AND WAS DUE FOR PAYMENT BUT HAS NOT BEEN
DONE
| Is This Answer Correct ? | 45 Yes | 4 No |
Answer / soniya
Accrued Expense is an expense that is incurred, but not yet
paid for, during a given accounting period. Hence, it is a
current liability.
Accrued expenses are the opposite of prepaid expenses.
| Is This Answer Correct ? | 22 Yes | 0 No |
Answer / izi
Accrued expense is opposite to prepaid expense.
Actually accrued expense is the expense whose benefit has been taken but such expenses has not been paid yet(in the form of cash or cheque). So, we treat we treat it as current liability.
| Is This Answer Correct ? | 12 Yes | 0 No |
Answer / swathi
accrued expense is a liability which is not yet paid. which
we have to pay now thus it is a liabilitie.
| Is This Answer Correct ? | 13 Yes | 3 No |
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