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The process involves several steps:",[],{"_key":1306,"_type":856,"children":1307,"markDefs":1312,"style":980},"k136",[1308],{"_key":1309,"_type":860,"marks":1310,"text":1311},"k135",[960],"1. Identify Incurred Expenses",[],{"_key":1314,"_type":856,"children":1315,"markDefs":1320,"style":885},"k139",[1316],{"_key":1317,"_type":860,"marks":1318,"text":1319},"k138",[],"Determine which expenses have been incurred during the accounting period but have not yet been paid. This involves reviewing supporting documentation, such as invoices and contracts, to identify expenses that need to be accrued.",[],{"_key":1322,"_type":856,"children":1323,"markDefs":1328,"style":980},"k142",[1324],{"_key":1325,"_type":860,"marks":1326,"text":1327},"k141",[960],"2. Calculate the Expense Amount",[],{"_key":1330,"_type":856,"children":1331,"markDefs":1336,"style":885},"k145",[1332],{"_key":1333,"_type":860,"marks":1334,"text":1335},"k144",[],"Estimate the amount of the expense based on available information, such as usage or service received. This involves reviewing historical data and industry benchmarks to determine a reasonable estimate of the expense amount.",[],{"_key":1338,"_type":856,"children":1339,"markDefs":1344,"style":980},"k148",[1340],{"_key":1341,"_type":860,"marks":1342,"text":1343},"k147",[960],"3. Record the Expense",[],{"_key":1346,"_type":856,"children":1347,"markDefs":1352,"style":885},"k151",[1348],{"_key":1349,"_type":860,"marks":1350,"text":1351},"k150",[],"Make an accounting entry to record the expense under the accrued liability account on the balance sheet and as an expense on the income statement. 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Review Supporting Documentation",[],{"_key":1394,"_type":856,"children":1395,"markDefs":1400,"style":885},"k169",[1396],{"_key":1397,"_type":860,"marks":1398,"text":1399},"k168",[],"Examine invoices, contracts, and other supporting documents to verify the existence and amount of accrued expenses. This involves reviewing supporting documentation to ensure that expenses are accurately recorded and supported by appropriate documentation.",[],{"_key":1402,"_type":856,"children":1403,"markDefs":1408,"style":980},"k172",[1404],{"_key":1405,"_type":860,"marks":1406,"text":1407},"k171",[960],"2. Assess Reasonableness",[],{"_key":1410,"_type":856,"children":1411,"markDefs":1416,"style":885},"k175",[1412],{"_key":1413,"_type":860,"marks":1414,"text":1415},"k174",[],"Evaluate the reasonableness of the accrued expense estimates based on historical data and industry benchmarks. 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