Reference no: EM131289339
1. An expense should be recorded when:
A. the bill is paid.
B. a bill is received in the mail.
C. cash is sufficient to pay the bill.
D. when the expense is incurred .
2. The financial statement that shows business results in terms of revenue and expenses is:
A. an income statement.
B. a balance sheet.
C. a statement of owner's equity.
D. the statement of cash flows.
3. James purchased a new computer for the company on account. The transaction will:
A. increase Computer; increase Capital.
B. decrease Cash; increase Accounts Payable.
C. decrease Cash; increase Computer.
D. increase Computer; increase Accounts Payable.
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Journal entries-record transaction
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An expense should be recorded when
: An expense should be recorded when: The financial statement that shows business results in terms of revenue and expenses is: James purchased a new computer for the company on account. The transaction will:
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