Supplies are expensed when:
A)purchased.
B)paid for.
C)used.
D)purchased on account.

Name: Supplies are expensed when: A)purchased. B)paid for. C)used. D)purchased on account.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The expense recognition principle ("matching")is the practice under accrual basis accounting to record expenses in the same period as the revenues they generate,not necessarily the period in which cash is paid for them.Supplies are expensed when used.

Supplies Are Expensed When