An Expense should be recorded when:
A) the bill is paid.
B) a purchase is made on credit.
C) a bill is received in the mail.
D) All of the above are correct.

Question

Quizplus · Accepted Answer

An expense should be recorded when it is incurred, regardless of when payment is made. This includes when a bill is paid, a purchase is made on credit, or a bill is received in the mail, aligning with the accrual basis of accounting.

An Expense Should Be Recorded When