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

question 16

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 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:

Thomas Hart Benton

An American painter and muralist of the early 20th century, known for his murals and works depicting scenes of American life in a style associated with the Regionalist movement.

Missouri

A state located in the Midwestern United States, known for its diverse geography ranging from the Ozark Mountains to the Mississippi River plains.

Chrysler Building

An iconic art deco skyscraper in New York City, notable for its terraced crown and stainless steel spire, once the world's tallest building upon its completion in 1930.

Art Deco

Descended from Art Nouveau, this movement of the 1920s and 1930s sought to upgrade industrial design as a “fine art” and to work new materials into decorative patterns that could be either machined or handcrafted. Characterized by streamlined, elongated, and symmetrical design.