Assets that are used up during the process of earning revenue are called expenses.

Name: Assets that are used up during the process of earning revenue are called expenses.
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Question

Quizplus · Accepted Answer

This statement is true. Expenses are costs incurred in the process of generating revenue, and they reduce the overall profitability of a business or organization. Examples of expenses include salaries and wages, rent, utilities, and supplies.

Assets That Are Used Up During the Process of Earning