Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. an expense should be recorded when: a. the bi

An expense should be recorded when: A. the bill is...

80.2K

Verified Solution

Question

Accounting

An expense should be recorded when:

A. the bill is paid.
B. a bill is received in the mail.
C. cash is sufficient to pay the bill.
D. when the expense is incurred .

The financial statement that shows business results in terms of revenue and expenses is:

A. an income statement.
B. a balance sheet.
C. a statement of owner's equity.

D. the statement of cash flows.

James purchased a new computer for the company on account. The transaction will:

A. increase Computer; increase Capital.
B. decrease Cash; increase Accounts Payable.
C. decrease Cash; increase Computer.
D. increase Computer; increase Accounts Payable.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students