Match the letter of each element with the appropriate definition.
-Outflows or other consumption or using up of assets or incurrences of liabilities (or a combination of both)from delivering or producing goods,rendering services,or carrying out other activities that constitute the entity's ongoing major or central operations.
A)Assets
B)Liabilities
C)Equity
D)Investments by owners
E)Distribution to owners
F)Comprehensive income
G)Revenues
H)Expenses
I)Gains
J)Losses

Question

Quizplus · Accepted Answer

Expenses refer to the outflows incurred by an entity in delivering goods or services, carrying out its ongoing operations, or using up its assets or incurring liabilities.

Match the Letter of Each Element with the Appropriate Definition