_______________ represents the resources given up that are expected to bring a current or future benefit to the organization.
A) Cost
B) Expired cost
C) Expense
D) Loss

Question

Quizplus · Accepted Answer

Cost represents the resources given up by the organization, such as money, time, or effort, in order to bring a current or future benefit. Unlike expenses, which are costs that have already been incurred and are now recorded in the organization's financial statements, costs can be either historical or future-oriented. Expired cost refers to a cost that has already been used up and has no future benefit, while loss refers to a reduction in the value of an asset or an increase in a liability that is not directly associated with an expense or a cost.

_______________ Represents the Resources Given Up That Are Expected to Bring