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NEW QUESTION: 1
At the end of an accounting period, each expense that has been incurred but not yet paid should be recorded as
A. a reversing entry
B. an opening entry
C. an adjusting entry
D. a closing entry
Answer: C
Explanation:
Explanation/Reference:
Explanation:
Expenses should be recognized in the period in which they are incurred. In order to be consistent with the matching principle, an adjusting entry must be made to record the expense, regardless of whether it has been paid.

NEW QUESTION: 2
In which three modules is currency rounding configuration an option? Each correct answer presents a complete solution.
A. Accounts receivable
B. Project management and accounting
C. Accounts payable
D. Budgeting
E. Procurement and sourcing
Answer: A,D,E

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