Slide14 - Accrual of Unrecorded Expenses Some...

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Unformatted text preview: Accrual of Unrecorded Expenses - Some liabilities (and expenses) grow moment to moment with the passage of time. Examples include: — Wages — Interest — Income taxes Adjustments are made to bring each accrued expense (and corresponding liability) account up to date at the end of the period before preparation of the financial statements - Adjustments are necessary to accurately match the expense to the period ...
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