The cost of assets consumed or services used is also known as a(n)
A) revenue.
B) expense.
C) liability.
D) asset.
Correct Answer:
Verified
Q65: Retained earnings at the end of the
Q66: Dividends declared are reported on
A) the income
Q67: Net income results when
A) Assets > Liabilities.
B)
Q68: If the retained earnings account increases from
Q69: Which financial statement is prepared first?
A) Statement
Q71: A company's policy toward dividends and growth
Q74: Liabilities of a company are owed to
A)
Q75: The financial statement that summarizes the changes
Q88: Expenses are incurred
A)only on rare occasions.
B)to produce
Q138: Liabilities
A)are future economic benefits.
B)are debts and obligations.
C)possess
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