An expense is recorded under the cash basis only when
A) services are performed.
B) it is earned.
C) cash is paid.
D) it is incurred.

Name: An expense is recorded under the cash basis only when A) services are performed. B) it is earned. C) cash is paid. D) it is incurred.
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Question

Quizplus · Accepted Answer

Under the cash basis of accounting, expenses are recorded only when the cash is paid. This means that even if an expense has been incurred or services have been performed, it will not be recorded until the cash has been paid.

An Expense Is Recorded Under the Cash Basis Only When