If an Expense Has Been Incurred but Will Be Paid

question 28

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 recorded.

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Definitions:

Republican Platform

The set of policies, values, and ideals endorsed and promoted by the Republican Party in the United States.

Upper South

A geographic term referring to the northernmost states of the Southern United States, characterized by a mix of industrial and agricultural economies.

Free Soil

A political movement in the mid-19th century that opposed the expansion of slavery into the western territories of the United States.

Confederate States of America

The coalition of 11 southern U.S. states that seceded from the Union, leading to the American Civil War.