Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether or not cash is paid b.if they are paid before they are incurred c.when they are incurred and paid at the same time d.if they are paid after they are incurred

Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether or not cash is paid b.if they are paid before they are incurred c.when they are incurred and paid at the same time d.if they are paid after they are incurred

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 2EB: For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and...

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Question

Using accrual accounting, expenses are recorded and reported only

a.when they are incurred, whether or not cash is paid

b.if they are paid before they are incurred

c.when they are incurred and paid at the same time

d.if they are paid after they are incurred

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