An expense should be recorded when:
A)the bill is paid.
B)the expense is incurred.
C)a bill is received in the mail.
D)None of the above is correct.

Question

Quizplus · Accepted Answer

An expense should be recorded when it is incurred, which means when the goods or services related to the expense have been received or consumed, regardless of when the bill is paid or when a bill is received in the mail. This ensures accurate and timely financial reporting.

An Expense Should Be Recorded When