If an expense has been incurred but will be paid later,then:
A) nothing is recorded on the financial statements.
B) a liability account is created or increased and an expense is recorded.
C) an asset account is decreased or eliminated and an expense is recorded.
D) a revenue and an expense are accrued.
Correct Answer:
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Q35: A company owes rent at a rate
Q36: The company uses up $5,000 of an
Q37: Accrual adjustments involve increasing:
A)assets and revenues or
Q38: Adjusting entries are typically prepared:
A)at the beginning
Q39: What is the main difference between accrual
Q41: In recording an accrual adjustment to account
Q42: The deferral adjustment to record the amount
Q43: How can accrual adjustments for interest incurred
Q44: The accrual adjustment recorded to adjust for
Q45: Adjustments to expense accounts at the end
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