Which of the following represents the resources given up that are expected to bring a current or future benefit to an organization?
A)cost
B)expired cost
C)expense
D)loss

Question

Quizplus · Accepted Answer

Cost represents the resources given up by an organization in exchange for obtaining a product or service. These costs are expected to bring a current or future benefit to the organization. Expired cost refers to the cost that has already been used up and has no future potential benefit. Expense refers to the cost that has been recognized and recorded in the accounting records, regardless of whether the payment has been made or not. Loss refers to the decrease in assets or increase in liabilities resulting from transactions or events that are not part of an entity's ordinary, ongoing operations.

Which of the Following Represents the Resources Given Up That