Which of the following is not one of the conditions for recognition of an expense?
A)A price has been established or can be determined.
B)There is an agreement to purchase goods or services.
C)The goods will be delivered or the services will be provided within the accounting cycle.
D)The goods or services are used to produce revenue.

Question

Quizplus · Accepted Answer

The condition that goods will be delivered or the services will be provided within the accounting cycle is not a requirement for the recognition of an expense. Expenses are recognized when they are incurred, regardless of the timing of the delivery of goods or services.

Which of the Following Is Not One of the Conditions