An Expense Incurred in 2019 Is Not Paid Until 2020

question 102

Multiple Choice

An expense incurred in 2019 is not paid until 2020. Using the accrual basis of accounting, the expense should appear on:

• A) both the 2019 and 2020 income statements
• B) neither the 2019 nor 2020 income statement
• C) the 2019 income statement
• D) the 2020 income statement

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Definitions:

UAA

A stop codon in the genetic code that signals the end of a protein-coding sequence in mRNA transcription.

Messenger RNA

A molecule that carries genetic information from DNA to the ribosome, where it directs protein synthesis.

RNA Polymerases

Enzymes that are responsible for transcribing RNA from a DNA template, playing a key role in the process of gene expression.

Transcription

The process by which the genetic information in DNA is copied into messenger RNA (mRNA) for protein synthesis.