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:

Equation

A formula expressing one mathematical quantity in terms of others, indicating equality under certain conditions.

Equation

An equation is a mathematical statement that asserts the equality of two expressions, typically containing one or more variables.

Center

In geometry, the central point of a circle or sphere, equidistant from all points on the perimeter or surface; in other contexts, it refers to a focal point or main area of activity.

Point

A location in space, often defined by its coordinates in a given dimension.