If an Expense Has Been Incurred but Will Be Paid

question 54

Multiple Choice

If an expense has been incurred but will be paid later,then:

• A)nothing is recorded on the financial statements.
• B)a liability account is created or increased and an expense is recorded.
• C)an asset account is decreased or eliminated and an expense is recorded.
• D)a revenue and an expense are accrued.

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Definitions:

Operant Conditioning

A method of learning that employs rewards and punishments for behavior.

Desirable Stimulus

A stimulus that is appealing and rewarding to an individual, prompting positive reactions.

Behavior

The actions or reactions of an object or organism, usually in relation to the environment or stimuli.

Operant-Conditioning Principles

A set of theories in behavioral psychology that posit behavior is shaped by its consequences, including reinforcement and punishment.