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General Accounting Discussions: Accrued Expenses

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  1.  
    • CommentAuthoreven
    • CommentTimeMay 13th 2007
     
    why accrued expenses are current liablities?
    • CommentAuthorabril
    • CommentTimeMay 13th 2007 edited
     
    because they are payable in less than a year.
    • CommentAuthorLiju
    • CommentTimeJul 31st 2009
     
    In recording Accrued Expenses why do we debit Expense A/c(Income Statement A/c) and credit Payable Account(Balance Sheet A/C)? In other words,what is the accounting principle behind this?
    Thankful People: babramesh

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