Under the cash-basis method of accounting, an expense is recorded at which of the following times?
A) At the end of the accounting period
B) When the expense is incurred
C) When payment for the expense is made
D) At both A and B

Question

Quizplus · Accepted Answer

Under the cash-basis method of accounting, an expense is recorded when payment for the expense is made, not when the expense is incurred or at the end of the accounting period.

Under the Cash-Basis Method of Accounting, an Expense Is Recorded