Which of the following best describes an application of accrual accounting?
A) Recording expenses in the same accounting period in which the liability was paid.
B) Recording expenses in the same accounting period in which the expense was matched to assets.
C) Recording expenses in the same accounting period in which the expense was paid.
D) Recording expenses in the same accounting period in which the expense was incurred.

Question

Quizplus · Accepted Answer

Accrual accounting involves recording revenues and related expenses in the same accounting period in which the goods or services were provided, regardless of when the cash is received or paid

Which of the Following Best Describes an Application of Accrual