Final answer:
The most convenient time to record expenses is when they are incurred, following the accrual basis of accounting, ensuring accurate matching with revenues for proper financial analysis.
Step-by-step explanation:
The most convenient time to record many expenses is when they are incurred. This approach, often referred to as the accrual basis of accounting, allows for more accurate financial reporting. By recording expenses as they happen, it ensures that they are matched with the revenues of the specific period in which they are generated, leading to more accurate profit calculations. For businesses, this is essential for budgeting, forecasting, and understanding the company's financial health.