Which statement is correct about expenses in the income statement?
A)Some function of expense categories are depreciation or employee costs.
B)Expenses can be classified in any manner under IFRS.
C)The function of expense format classifies expenses based on their use.
D)Expenses should be classified based on their materiality.

Question

Quizplus · Accepted Answer

The function of expense format classifies expenses based on their use, such as cost of sales, administrative expenses, etc., under IFRS.

Which Statement Is Correct About Expenses in the Income Statement