Under accrual accounting, expenses are recorded when incurred regardless of when paid.

Name: Under accrual accounting, expenses are recorded when incurred regardless of when paid.
Brand: Quizplus
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Quizplus · Accepted Answer

In accrual accounting, expenses are recorded when incurred which means they are recognized when goods or services are received, regardless of when payment is made. Payment can be made either at the time of purchase or later depending on the credit terms.

Under Accrual Accounting, Expenses Are Recorded When Incurred Regardless of When