prepaid and accrued expenses

The accounting concept that is applied in adjusting accruals and prepayments of expenses are accrual or matching concept consistency Accrued expenses are expenses which has been incurred but no yet paid for expenses already paid during the year Accrued expenses are added to the respective expenses in the income statement deducted from the respective expenses in the income statement Prepaid expenses are expenses paid in advance and has been incurred expenses paid in advance but which has not yet been incurred Expenses paid during the year was $1000. Accrued expenses at the end of the year were $200. What will be the figure taken to the income statement? $800 $1200 Expenses paid during the year was $1500. This includes a prepaid amount of $500. What will be the amount transferred to the income statement? $2000 $1500 $1000 Expenses accrued is shown in the statement of financial position as a current liability as a current asset Prepaid expenses are shown in the statement of financial position as a current liability as a current asset Accrued expenses at the beginning of the year (accrued b is shown in the debit side of the expense account is shown in the credit side of the expense account Prepaid expenses at the beginning of the year (prepaid b is shown in the debit side of the expenses account is shown in the credit side of the expense account