If you fill up your car with $20 worth of gas in March and charge the purchase to your credit card to be paid in April, in which month is it regarded as an expense? a. It depends on the expiry date of the credit card b. In March because that is when the expense was incurred c. In April because that is when the credit card bill is paid d. None of the available choices
If you fill up your car with $20 worth of gas in March and charge the purchase to your credit card to be paid in April, in which month is it regarded as an expense? a. It depends on the expiry date of the credit card b. In March because that is when the expense was incurred c. In April because that is when the credit card bill is paid d. None of the available choices
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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If you fill up your car with $20 worth of gas in March and charge the purchase to your credit card to be paid in April, in which month is it regarded as an expense?
a. It depends on the expiry date of the credit card
b. In March because that is when the expense was incurred
c. In April because that is when the credit card bill is paid
d. None of the available choices
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