I should not record ____ on an income/expense statement covering January 1 to June 30.
A) an $800 refrigerator bought on credit May 30
B) a paid March telephone bill
C) health insurance premiums deducted from monthly pay checks
D) checking account service charges
E) groceries bought and paid for in June

Question

Quizplus · Accepted Answer

The refrigerator bought on credit should not be recorded as an expense until it is paid for, as the statement should reflect actual cash flow during the period.

I Should Not Record ____ on an Income/expense Statement Covering