Expenses should be recorded when they have been incurred,not when they are paid.

Name: Expenses should be recorded when they have been incurred,not when they are paid.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In accrual accounting, expenses are recognized when they are incurred, regardless of whether they have been paid for or not. This helps to reflect the true financial position of a company by matching the expenses with the revenue in the same accounting period.

Expenses Should Be Recorded When They Have Been Incurred,not When