After the adjustments have been completed,the balance in the Rent Expense account represents the:
A)amount of rent owed at the end of the accounting period.
B)amount of the future benefit remaining in the account.
C)cost of rent for the accounting period.
D)amount of cash paid this period for rent relating to any current or future period.

Question

Quizplus · Accepted Answer

Expenses are recorded in the same period as the revenues to which they relate (the expense recognition or "matching" principle).The balance in the Rent Expense account represents the cost of rent used during the period to generate revenue.

After the Adjustments Have Been Completed,the Balance in the Rent