During an Accounting Period, If an Expense Has Been Incurred

question 55

Multiple Choice

During an accounting period, if an expense 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:

Air Protection

Efforts and measures taken to reduce the pollution of the air and protect the atmosphere from harmful substances.

Water Protection

Measures and initiatives implemented to preserve and safeguard water resources from pollution, depletion, and other forms of environmental degradation.

Land Protection

The methods and strategies used to conserve, preserve, and protect land and its natural resources from degradation, pollution, and destruction.

Biodiversity

The variety and variability of life on Earth, encompassing the diversity of species, ecosystems, and genetic variations.