It's the End of the Accounting Period and No Electric

question 8

Multiple Choice

It's the end of the accounting period and no electric bill has been received (but the expense has been incurred) ; you should record an entry that:

• A) increases the total revenue and increases the total expenses.
• B) decreases the total assets and increases the total expenses.
• C) increases the total liabilities and increases the total expenses.
• D) decreases the total liabilities and increases the total expenses.

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Definitions:

Res Ipsa Loquitur

A legal doctrine that suggests negligence is inferred from the very nature of an accident or injury, in the absence of direct evidence.

Burden Of Proof

The duty of the plaintiff or prosecution to establish a claim or allegation by admissible evidence and to prove that the defendant committed all the essential elements of the crime to the jury’s or court’s satisfaction beyond any reasonable doubt, in order to convict the defendant.

Punitive Damages

Financial compensation awarded to a plaintiff that goes beyond what is necessary to compensate for losses and is intended to punish the defendant for egregious wrongdoing.

Outrageous

Behavior or actions that are shocking because they are so wrong, unusual, or out of the ordinary.