Expenses are assets that are used up during the process of earning revenue.

Name: Expenses are assets that are used up during the process of earning revenue.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Expenses are costs incurred by a company for the purpose of generating revenue. These costs are deducted from revenue to arrive at the net income of the company. Therefore, expenses are considered assets that are used up during the process of earning revenue.

Expenses Are Assets That Are Used Up During the Process