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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Expenses represent outflows of assets or increases in liabilities as a result of efforts to produce revenues.

To determine

State whether the given statement is true or false.

Explanation

Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for generating revenues are rent expense, depreciation expense, general and administrative expenses, selling expenses, and utilities expense.

  • Expense, revenues and withdrawals are three additional elements in the accounting equation. Expense denotes decrease in assets or increase in liabilities as a result of a company’s’ efforts to produce revenues. Some examples of expenses are salaries, wages, supplies, rent, and taxes. For each type of expense separate accounting records are used...

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