If a Resource Has Been Consumed but a Bill Has

question 82

Multiple Choice

If a resource has been consumed but a bill has not been received at the end of the accounting period then

• A) an expense should be recorded when the bill is received.
• B) an expense should be recorded when the cash is paid out.
• C) an adjusting entry should be made recognizing the expense.
• D) it is optional whether to record the expense before the bill is received.

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Definitions:

Wall Street Journal

A major international daily newspaper known for its comprehensive coverage of finance, economics, and stock market news, as well as general news and information.

Gallup Poll

A type of public opinion polling or survey conducted to assess the opinions, attitudes, and behaviors of the public on various topics, often related to politics, economics, and social issues.

Confidence Interval

A range of values derived from sample data that is likely to contain the true population parameter with a specified level of confidence.

Population Mean

The average value of all the elements in a population, representing the central tendency of the population data.