The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is a(n)
A)contra asset.
B)prepayment.
C)asset.
D)accrual.

Question

Quizplus · Accepted Answer

Accruals refer to expenses and revenues that have been incurred or earned but have not yet been recorded in the accounts. This accounting concept ensures that financial statements reflect all relevant financial activities within a period, regardless of whether cash transactions have occurred.

The General Term Employed to Indicate an Expense That Has