Expenses on the income statement are assets used up or services consumed in the process of generating revenues.

Name: Expenses on the income statement are assets used up or services consumed in the process of generating revenues.
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Question

Quizplus · Accepted Answer

Expenses are costs incurred by a business to generate revenue. They represent assets used up or services consumed during the normal course of operations. Expenses are deducted from revenues on the income statement to determine a company's net profit or loss.

Expenses on the Income Statement Are Assets Used Up or Services