Which of the following accounts is not associated with the acquisition and payment cycle?
A)Common stock
B)Property, plant and equipment
C)Accrued property taxes
D)Income tax expense

Question

Quizplus · Accepted Answer

Common stock is not associated with the acquisition and payment cycle as it is related to financing activities, specifically equity financing. The acquisition and payment cycle is concerned with the purchase of goods or services and the subsequent payment for those items. Property, plant and equipment, accrued property taxes, and income tax expense are all related to this cycle.

Which of the Following Accounts Is Not Associated with the Acquisition