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:

Cytotoxic T cells

A type of immune cell capable of killing cancer cells, infected cells, and other cells that are deemed a threat to the organism.

Antibodies

Proteins produced by the immune system that recognize and bind to specific antigens to help protect the body from infection.

Antibody Blood Levels

The concentration of antibodies in the bloodstream, indicative of the body's immune response either to infections or to vaccines.

Antigen

A substance that when introduced into the body stimulates the production of an antibody, can be toxins, bacteria, foreign blood cells, and the cells of transplanted organs.