A Business Receives a Bill for Utilities but Decides to Pay

question 58

Multiple Choice

A business receives a bill for utilities but decides to pay it next month.The business would record the receipt of the bill by:

• A) Debiting Accounts Payable;Crediting Utilities Expense
• B) Debiting Utilities Expense;Crediting Accounts Receivable
• C) Debiting Utilities Expense;Crediting Accounts Payable
• D) Debiting Utilities Expense;Crediting Cash

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Definitions:

Ongoing Process

A continuous cycle of activities or operations that doesn't have a fixed end point and requires regular review and adjustment.

Improvisation

The act of creating or performing something spontaneously or without preparation, often in response to an unexpected challenge or opportunity.

Shared Power Strategy

A change strategy that pursues change by participation in assessing change needs, values, and goals.

Socio-cultural Norms

The shared expectations and rules that guide behavior of people within social groups, influenced by societal and cultural factors.