To be classified as an expense of an enterprise certain conditions have to be met these are:
A) A cost has to be incurred
B) A benefit has to accrue to the enterprise
C) The benefit has to be used in the period
D) All of the above
Correct Answer:
Verified
Q2: In the absence of new equity being
Q3: The matching principle requires that revenue must
Q4: The profit and loss account and income
Q5: An expense is an expired cost.
Q6: Freddie a taxi driver has been in
Q8: In the case of a shipbuilder engaged
Q9: The income statement and the cash flow
Q10: Which of the following statements is incorrect?
A)
Q11: The realization principle states that revenue should
Q12: Simon has been in business for a
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