Which of the following describes an accrued liability?
A)It is an expense that has been both incurred and paid.
B)It is an expense that has been incurred but not yet paid.
C)It is an expense that has been prepaid but not yet consumed.
D)It is a liability where the cash flow has taken place but the revenue has yet to be earneD.An accrued liability is recorded when an expense is incurred but not yet paid.

Question

Quizplus · Accepted Answer

An accrued liability is recorded when an expense is incurred but not yet paid.

Which of the Following Describes an Accrued Liability