When Cash Is Paid for Something That Provides Benefits Only

question 205

Multiple Choice

When cash is paid for something that provides benefits only in future periods:

• A) an accrued liability must be recorded.
• B) a journal entry does not need to be recorded at the time of the payment.
• C) an asset must be recorded at the time of the payment.
• D) an unearned expense must be recorded at the time of the payment.

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Definitions:

Career Guidance

The provision of advice and information to help individuals make informed decisions about their education, training, and career paths.

Income Family

Typically refers to the collective earnings of all members of a family, impacting their economic status and lifestyle choices.

Career Aspirations

The goals or objectives individuals have for their work life, encompassing positions, achievements, and roles they wish to attain.

Alpha Bias

Refers to the tendency to exaggerate differences between men and women, often valuing one gender over the other in psychological research or theory.