If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve
a. a liability account and an asset account.
b. an asset or contra asset account and an expense account.
c. a liability account and an expense account.
d. a receivable account and a revenue account.
Ans: c. a liability account and an expense account.
Business
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Indicate whether the statement is true or false
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Internal control is affected by an organization's
A) board of directors, management, and other personnel. B) management and internal auditors. C) management and external auditors. D) board of directors, management, and shareholders.
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