What are accrued expenses❓

What are accrued expenses❓

What are the upfront costs? Today we are going to get to know this word. But first we need to know the term. Accrued Expenses first

Accrued Expenses are expenses that have been incurred in the current accounting period but have not yet been paid. The Company will pay the money in the next accounting period. Therefore, it is considered a liability of the business in the current accounting period. Accounts must be recorded by debit of expenses. and credit accrued expenses When we know the accrued expenses, then we will come to know. upfront cost

Prepaid Expenses are expenses paid in the current accounting period but include a portion of the expenses of the next accounting period with the amount utilized in the current year as another expense.

There are 2 ways to record advance expenses as follows:

1.Recorded as an expense means that the payment will be posted as an expense at the end of the accounting period, it is carried forward as an advance expense of the next accounting period.

2. Record as property, which means that the payment will be posted as an advance expense and at the end of the account statement will be carried forward to the next accounting expense.

How are you with the information about the upfront cost, hope to learn more about this term? If interested in our article, you can wait to follow.

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