Select the one term that best fits each definition
-Expenses incurred in one fiscal period but not paid until a later fiscal period.
A) accrual
B) accrued interest expense
C) accrued expenses
D) deferral
E) deferred expenses
F) deferred revenue
G) reversing entry

Question

Quizplus · Accepted Answer

Accrued expenses are expenses that have been incurred (recognized) in one accounting period but will not be paid until a future period. This aligns with the definition provided.

Select the One Term That Best Fits Each Definition