Match the following terms with the appropriate definition.
-Costs that are incurred in a period but are both unpaid and unrecorded,requiring an adjustment at the end of the period.
A)Adjusting entry
B)Unadjusted trial balance
C)Prepaid expenses
D)Natural business year
E)Accrued expenses
F)Adjusted trial balance
G)Report form balance sheet
H)Accounting period
I)Profit margin
J)Contra account

Question

Quizplus · Accepted Answer

Accrued expenses are costs that have been incurred in a period but have not yet been paid or recorded in the financial statements. An adjusting entry is required to record these expenses at the end of the accounting period to ensure that the financial statements accurately reflect the company's financial position.

Match the Following Terms with the Appropriate Definition