What is journal accured intt?

Answer 1

Journal accrued interest refers to the interest that has accumulated on a financial obligation, such as a loan or bond, but has not yet been paid or recorded in the financial statements. It is typically recognized in accounting to reflect the true financial position of a business or individual by acknowledging expenses that have been incurred but not yet settled. This concept is essential for accurately reporting liabilities and ensuring compliance with accounting standards. Accrued interest is recorded as a liability on the balance sheet until it is paid.