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WAEC Financial Accounting 2024 Question 14

Question 14

Accruals and Prepayments

Expense incurred but not yet paid is

  1. A.long-term liability.
  2. B.current liability,
  3. C.current asset.
  4. D.capital expenditure.
Show the answer and explanation

Answer: B (current liability,)

Explanation

An accrued expense is owed for a short time, so it is a current liability.