An Expense Occurred in 2018,but It Is Not Paid Until

question 40

Multiple Choice

An expense occurred in 2018,but it is not paid until 2019.Using accrual accounting,the expense should appear on:

• A)the 2018 income statement.
• B)the 2019 income statement.
• C)whichever income statement the business prefers.
• D)both the 2018 and 2019 income statements.

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Definitions:

Hammond Postulate

A principle stating that the transition state of a chemical reaction resembles the structure of the closest stable species: the reactants for endothermic steps and the products for exothermic steps.

Free Radical Chlorine

A highly reactive species of chlorine that carries an unpaired electron, often involved in radical reactions.

Methane

A simple hydrocarbon with the formula CH4, representing the simplest alkane and a primary component of natural gas.

Regiochemistry

The study of the principles guiding the direction or position that new bonds form in a molecule during a chemical reaction.