A service which a firm has enjoyed, but has not yet been paid for is
Answer Details
An accrued expense is a service that a firm has enjoyed, but has not yet been paid for. This means that the firm has received the benefit of the service but has not yet paid for it. Accrued expenses are usually recorded as a liability in the financial statements, indicating that the firm owes money for the service received. Examples of accrued expenses include salaries and wages owed to employees, interest owed on loans, and rent owed on leased properties.