Under which of the following methods of accounting is an expense recorded when it is incurred, regardless of when cash is paid?
A) Cash
B) Accrual
C) Deferral
D) Receivable

Question

Quizplus · Accepted Answer

The accrual method of accounting records expenses when they are incurred, not necessarily when cash is paid. This contrasts with the cash method, which records transactions only when cash changes hands.

Under Which of the Following Methods of Accounting Is an Expense