Asked by
Samantha Clark
on Nov 12, 2024
Verified
Expenses result from using up assets or consuming services in the process of generating revenues.
Expenses
Costs incurred by a business in the process of earning revenue.
Consuming Services
Consuming services refers to the use of services provided by businesses or individuals which are utilized and exhausted during the process, such as electricity, consulting, or maintenance services.
Generating Revenues
The process of bringing in income from business activities, sales, or services offered.
- Acquire knowledge on the influence transactions have on expense accounts.
Verified Answer
QL
Learning Objectives
- Acquire knowledge on the influence transactions have on expense accounts.