Revenues and expenses are considered assets and liabilities,respectively.
BT: Knowledge

Name: Revenues and expenses are considered assets and liabilities,respectively. BT: Knowledge
Brand: Quizplus
Rating: 4.8 (45 reviews)

Question

Quizplus · Accepted Answer

Revenues and expenses are not considered assets and liabilities. Revenues increase equity while expenses decrease it. Assets are resources owned by a business that have a future economic benefit, while liabilities are obligations or debts owed by the business.

Revenues and Expenses Are Considered Assets and Liabilities,respectively