Costs incurred or the using up of assets as a result of the main operations of a business are called:
A)Liabilities.
B)Equity.
C)Net losses
D)Revenues.
E)Expenses.

Question

Quizplus · Accepted Answer

Expenses are costs incurred or assets used up as a result of the main operations of a business. Liabilities refer to debts or obligations owed by the business, equity refers to the ownership interest in the business, net losses are the excess of expenses over revenues, and revenues are the amounts earned from the main operations of the business.

Costs Incurred or the Using Up of Assets as a Result