How many of the following events would require an expense to be recorded?
Ordering office supplies
Hiring a receptionist
Paying employee salaries for the current month
Receiving but not paying a current utility bill
Paying for insurance in advance

Question

Quizplus · Accepted Answer

Ordering office supplies would not require an expense to be recorded until the supplies are received and paid for. Hiring a receptionist would require recording an expense for their salary. Paying employee salaries for the current month would require recording an expense. Receiving but not paying a current utility bill would not require recording an expense until the bill is paid. Paying for insurance in advance would require recording an expense for the portion of the insurance that applies to the current period. Therefore, two events, hiring a receptionist and paying employee salaries, would require an expense to be recorded.

How Many of the Following Events Would Require an Expense