When a business records an expense incurred,the expense account is always credited.

Name: When a business records an expense incurred,the expense account is always credited.
Brand: Quizplus
Rating: 4.8 (44 reviews)

Question

Quizplus · Accepted Answer

When a business records an expense incurred, the expense account is debited (increased) and the corresponding payment account (such as cash or accounts payable) is credited (decreased). This is based on the double-entry accounting system.

When a Business Records an Expense Incurred,the Expense Account Is