Qn 1: Is an accrued expense a current asset, current liability, expense or income?
Ans: current liability. It is and expense that has been used but the business has not paid for it
Qn 2: Is an accrued income a current asset, current liability, expense or income?
Ans: current asset. It happens when goods have been given or services performed but the business has yet to receive the money
Qn 3: Is a prepaid expense a current asset, current liability, expense or income?
Ans: current asset. It is an expense that has been paid for even before the business uses it
Qn 4: Is an accrued income a current asset, current liability, expense or income?
Ans: current liability. It is an expense already used by the business but has not been paid for
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