If a resource has been consumed but a bill has not been received at the end of the accounting period then:
A) an expense should be recorded when the bill is received.
B) an expense should be recorded when the cash is paid out.
C) an adjustment should be made recognizing the expense.
D) it is optional whether to record the expense before the bill is received.
Correct Answer:
Verified
Q95: Adjustments are made to ensure that:
A)expenses are
Q96: An adjustment:
A)affects two balance sheet accounts.
B)affects two
Q97: Adjustments affect at least:
A)one revenue and one
Q98: Adjustments are:
A)the same as corrections.
B)needed to ensure
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Q134: Unearned revenue is classified as a(n):
A)asset account.
B)revenue
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