If, During an Accounting Period, an Expense Item Has Been

question 8

Multiple Choice

If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve

• A)a liability account and an asset account.
• B)an asset or contra asset account and an expense account.
• C)a liability account and an expense account.
• D)a receivable account and a revenue account.

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Definitions:

Nominal Data

A type of data that categorizes variables without a natural order or ranking among the categories.

Continuous Data

Data that can take any value within a given range, often representing measurements on a continuous scale.

Standard Deviation

A statistic that measures the amount of variation or dispersion of a set of values.

Dispersed

Spread over a wide area or among a large number of people.