If an Expense Has Been Incurred but Will Be Paid

question 28

Multiple Choice

If an expense has been incurred but will be paid later,then:

• A)nothing is recorded on the financial statements.
• B)a liability account is created or increased and an expense is recorded.
• C)an asset account is decreased or eliminated and an expense is recorded.
• D)a revenue and an expense are recorded.

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Definitions:

Composition

A design principle where a class is made up of one or more objects of other classes in order to achieve software reusability and a better organized structure.

Aggregation

A relationship between two classes where one class is a part of or a member of the other.

Implements Interface

Implements Interface in programming, particularly in object-oriented languages like Java, denotes a class that uses an interface by providing concrete implementations of the interface's abstract methods.

ToString()

A method in Java and other object-oriented languages that returns a string representation of an object.