Accrual of expenses will increase the expense element and will correspondingly increase the liabilityGroup of answer choicesTrueFalse
Question
Solution 1
Answer
The statement is True.
When expenses are accrued, it means that they have been incurred but not yet paid. This leads to an increase in the expense element on the income statement, which reflects the expenses that have been recognized in the period, regardless of whether cash has be Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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