Which of the following could be recorded as 'expenses' under AASB 101:
I.$\quad$ Cost of goods sold
II.$\quad$ Wages paid
III.$\quad$nterest paid
IV.$\quad$Fire damage costs

Question

Quizplus · Accepted Answer

Expenses under AASB 101 include costs that decrease the entity's economic benefits during the accounting period. This encompasses the cost of goods sold, wages paid, interest paid, and fire damage costs, as they all represent outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.

Which of the Following Could Be Recorded as 'Expenses' Under \quad

Which of the Following Could Be Recorded as 'Expenses' Under $\quad$