Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 39 - No. 6)
Under accrual accounting, when should an expense be recorded?
When cash is paid.
When the invoice is received.
When the expense is incurred.
When the budget is approved.
Explanation
Accrual accounting is based on the principle of matching expenses with the related revenues in the accounting period.
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