An expense incurred in 2013 is not paid until 2014. Using the accrual basis of accounting, the expense should appear on:

Name: An expense incurred in 2013 is not paid until 2014. Using the accrual basis of accounting, the expense should appear on:
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Quizplus · Accepted Answer

According to the accrual basis of accounting, expenses should be recognized when they are incurred, regardless of when they are paid. Therefore, the expense incurred in 2013 should appear on the 2013 income statement, even if it is not paid until 2014.

An Expense Incurred in 2013 Is Not Paid Until 2014