N(A)-Level POA Practice Questions - Singapore-Cambridge GCE Normal (Academic) Level Principles Of Accounts Exam

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Lim Enterprise received electricity services worth S$1,400 in December 2025 but paid the bill in January 2026. The financial year ends on 31 December 2025. According to the Accrual Concept, in which financial year should the S$1,400 expense be recognized?

In 2026, when the cash payment is made In 2025, when the electricity was consumed Divided equally between 2025 and 2026 Not recorded until cash leaves the bank

Correct Answer:

In 2025, when the electricity was consumed

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