Which of the Following Events Does Not Result in the Recording

question 70

Multiple Choice

Which of the following events does not result in the recording of an expense?

• A) Payment of a dividend
• B) Purchase of gasoline for fill-up of a company car
• C) Receipt of a bill from the telephone company
• D) Payment of wages

Recognize the importance of creating resonance and emotional connections between leaders and followers.

Understand the concept and purpose of closing entries in accounting.

Identify accounts that are affected by closing entries and those that are not.

Describe the process and importance of adjusting entries for accurate financial reporting.

---

Definitions:

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may not coincide with the calendar year.

Straight-Line Depreciation

A way of assigning the cost of a concrete asset over its operational life in homogeneous yearly amounts.

Residual Value

The estimated value an asset will have at the end of its useful life, after depreciation has been fully taken.

Estimated Useful Life

The expected period over which an asset is likely to be functional and contribute to the production of the entity that owns it.