Which of the Following Statements Is Correct

question 39

Multiple Choice

Which of the following statements is correct?

• A) Under the accrual basis of accounting, revenue is recorded in the period in which it is earned.
• B) Under the accrual basis of accounting, expenses are recorded in the period in which they are incurred.
• C) Both of the above statements are correct.
• D) Neither of the above statements is correct.

---

Definitions:

Metal

A class of elements characterized by their malleability, conductivity, and metallic luster, typically solid under standard conditions.

Electrolysis

The decomposition of a chemical compound or metals caused by an electric current.

Separating Elements

Components or techniques used in systems and processes to divide, isolate, or detach different substances or parts.

Electrically

Pertaining to or operated by electricity; involving, derived from, or related to electricity.