The costs related to rent,utilities,and salaries in the current reporting period are examples of liabilities.These are examples of expenses.

Question

Quizplus · Accepted Answer

Liabilities are obligations or debts that a company owes, such as loans or accounts payable. Expenses, on the other hand, refer to the costs incurred in the process of generating revenue, such as rent, utilities, and salaries. Therefore, the costs related to rent, utilities, and salaries in the current reporting period are examples of expenses rather than liabilities.

The Costs Related to Rent,utilities,and Salaries in the Current Reporting