Question

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

Answer 1

@amistre64

Answer 2

any ideas?

Answer 3

logically, when do you think you should record an expense?

Answer 4

i think the expense is incurred.

Answer 5

i thought "C"

Answer 6

i think A because when we paid the bill then we count how was i earned?

Answer 7

an expense is recorded when it is incurred. when that incursion takes place is not always the same in each case.

Answer 8

a bill is a liability

Answer 9

one example of recording an expense is:


rent expense 100
cash 100

Answer 10

might have those backwards but still lol

Answer 11

so @Nurali was right

Answer 12

on a cash basis, expenses tend to occur at transaction

on accrual basis, expenses are not as well established and should be recorded as they are incurred

Answer 13

yes, i agree with nurali

Answer 14

B. if you want to keep the books current.
This assumes that the book keeper is viewing an invoice or knows for a fact. the new expense value and source.

(From a former book keeper.)

Answer 15

thank you all

Answer 16

yw

Answer 17

Anytime.