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

Two events would require an expense to be recorded: ordering office supplies and paying for insurance in advance. Hiring a receptionist and paying employee salaries for the current month are personnel costs and would be recorded as salaries expense. Receiving but not paying a current utility bill is not yet an expense, but rather is recorded as accounts payable until the bill is paid.

How Many of the Following Events Would Require an Expense