Under the Framework which of the following is not explicitly part of the definition of expenses?
A)Expenses are decreases in economic benefits
B)The decreases in economic benefits can be in the form of outflows or depletions of assets
C)The decreases in economic benefits can be in the form of incurrences of liabilities
D)The decrease in economic benefits must be from the occurrence of a past transaction

Question

Quizplus · Accepted Answer

The Framework explicitly states that expenses must result from a past transaction or event, but it does not require that the decrease in economic benefits be from the occurrence of a past transaction. Therefore, choice D is not explicitly part of the definition of expenses. Choices A, B, and C are all explicitly stated in the Framework's definition of expenses.

Under the Framework Which of the Following Is Not Explicitly