An expenditure that benefits year one but is paid for in year two should not be recorded until year two

A control system begins with

a. measuring performance. b. agreeing on accuracy of measurement needed. c. agreeing on who will use the measurements. d. setting appropriate performance standards.

Kathy charged her groceries on her credit card. The cost of the groceries is now a

A) current liability. B) noncurrent liability. C) noncurrent asset. D) current asset.