Expenses incurred but not yet paid is

Assessment: WAEC SSCE - Financial Accounting - 1995 (Objective) Subject: Financial Accounting

Question 1 Report

Expenses incurred but not yet paid is
Answer Details
Expenses incurred but not yet paid are classified as a "current liability". A current liability is a financial obligation that a company owes to another party, and it is expected to be settled within the next 12 months. When a company incurs expenses but has not yet paid for them, they are recorded as a current liability on the balance sheet. These liabilities are usually settled in the near future with cash, and examples include accounts payable, accrued expenses, and taxes payable.
Read lesson note on Accounting Concepts (WAEC)
Read lesson note on Incomplete Records And Single Entry (JAMB)
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