COST ACCOUNTING
COST ACCOUNTING STANDARDS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
What is expenses?
|
|
Costs incurred with revenues
|
|
|
Amounts earned from selling products or services
|
|
|
Occurs when expenses are more than revenues
|
Explanation:
Detailed explanation-1: -In accounting terms, expense is the operational cost that is paid to earn business revenues. It means the outflow of cash in return for goods or services. Expenses can also be written as the sum of all the operations that usually bring profit.
Detailed explanation-2: -The costs incurred in the process of earning revenue are called expenses.
Detailed explanation-3: -Revenue is any money that a business makes from selling its goods and services, whereas costs are anything that a business pays for.
Detailed explanation-4: -Types of Expenses The most common way to categorize them is into operating vs. non-operating and fixed vs. variable.
There is 1 question to complete.