An accrued expense is an expense that has been incurred but not yet paid. The impact on the financial statements is that a. expenses are understated in income statement. b. net income is overstated in...

An accrued expense is an expense that has been incurred but not yet paid. The impact

on the financial statements is that

a. expenses are understated in income statement.

b. net income is overstated in income statement.

c. liabilities are understated in the balance sheet.

d. equity is understated in the balance sheet.