An expense occurred in 2018,and it is not paid until 2019.Using cash-basis accounting,the expense should appear on:
A) the 2018 income statement.
B) the 2019 income statement.
C) whichever income statement the business prefers.
D) both the 2018 and 2019 income statements.
Correct Answer:
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Q1: The only way for a business to
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Q4: Accrual accounting records the impact of both
Q5: The journal entry to record a cash
Q6: Under accrual accounting,revenue is recorded:
A)when the cash
Q7: Which of the following is a CORRECT
Q8: An expense occurred in 2018,but it is
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Q10: Cash-basis accounting is a better representation of
Q11: The basic defect of cash-basis accounting is
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