On February 15, a Local Business Receives an Invoice for Electricity

question 23

Multiple Choice

On February 15, a local business receives an invoice for electricity used in the month of January and pays it on March 1. In which month should the business recognize the expense?

• A) February
• B) January
• C) March
• D) No expense should be recorded.

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Definitions:

Factors Of Production

Resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Doghouses

Small shelters provided for dogs, typically placed outdoors, offering protection and a comfortable space for pets.

Dishwashers

Appliances designed for automatically cleaning dishware and cutlery.

Markets

Places or systems where buyers and sellers engage in exchange of goods, services, or financial instruments.