Costs incurred or the using up of assets as a result of the main operations of a business are called
A) liabilities
B) equity
C) revenues
D) expenses
E) net losses

Question

Quizplus · Accepted Answer

Expenses are costs incurred as a result of the main operations of a business, such as salaries, rent, utilities, and supplies. Liabilities refer to obligations owed by a business, such as loans or accounts payable. Equity refers to the ownership interest in a business held by its owners. Revenues are the income earned by a business from its sales or services. Net losses refer to the excess of expenses over revenues, resulting in a negative profit.

Costs Incurred or the Using Up of Assets as a Result