Which of the following is an expense of this period?
A)Costs of items used up this period but paid for next period
B)Costs of items paid for in this period but used up next period
C)Cost of land purchased and paid for this period
D)Repayment of debt from a loan in a prior period

Question

Quizplus · Accepted Answer

Expenses are costs of operating the business,incurred to generate revenues in the period covered by the income statement.Expenses are reported when the company uses something in the current period.Expenses do not include the purchase of land (an asset)or the repayment of debt (a liability),both of which affect only the balance sheet.

Which of the Following Is an Expense of This Period