A Journal Entry Contains a Debit to an Expense Account

question 75

Multiple Choice

A journal entry contains a debit to an expense account and a credit to a payable account.This is an example of a(n) :

• A) accrued revenue
• B) accrued expense
• C) deferred revenue
• D) deferred expense

---

Definitions:

Price Fixing

An illegal agreement between competitors to fix prices at a certain level, rather than letting them fluctuate naturally with market forces.

Market Arrangements

Market arrangements refer to the structured organization and systems within which market transactions occur, including financial systems, trading systems, and legal frameworks.

Prisoner's Dilemma

A paradox in decision analysis in which two individuals acting in their own self-interest pursue a course of action that does not result in the ideal outcome.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players' strategies remain unchanged.