According to the FASB conceptual framework, which of the following elements describes transactions or events that affect a company during a period of time?
A) Assets.
B) Expenses.
C) Equity.
D) Liabilities.

Question

Quizplus · Accepted Answer

Expenses are defined by the FASB conceptual framework as outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major or central operations.

According to the FASB Conceptual Framework, Which of the Following