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Bryant Dukes
on Nov 12, 2024

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Accrued expenses affect ________ on the balance sheet.

A) assets
B) liabilities
C) fixed assets
D) prepaid expenses

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded, representing liabilities for a business.

Liabilities

Liabilities represent financial obligations or debts that a company owes to external parties, such as loans and accounts payable.

Fixed Assets

Tangible assets, such as buildings, machinery, and equipment, used in the operations of a business that are not intended for sale.

  • Comprehend the process and implications of adjusting entries in the accounting cycle.
  • Identify the impact of adjusting entries on the income statement and balance sheet.
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KM
Kimberly MartinezNov 12, 2024
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