Question

The general term for an expense that has not been paid or revenue that has not...

The general term for an expense that has not been paid or revenue that has not been received and has not yet been recorded in the accounts is:

asset.

accrual.

contra asset.

prepayment.
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Answer #1

Answer is accrual

The term accrual refers to an expense that has not been paid or revenue that has not been received and not yet been recorded in books of account. Asset can be current asset generated in course of business or fixed assets like PPE. Contra asset are accounts that offset the asset account for example: accumulated depreciation, allowance for doubtful debts. Prepayments are advance payments for future period for example: prepaid rent, prepaid utilities, etc. So answer is Accrual.

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