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Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124
Textbook Problem
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What is the difference between classifying an expense by nature or function?

To determine

Distinguish the classification of expense by nature and expense by function.

Explanation

Expenses: The costs that are incurred to earn revenues in the process of operating activities of the business are referred to as expenses.

The following is the distinction between classification of expense by nature and expense by function:

  • The expense is classified by nature when the expense is used for recording purposes to reflect the revenues received for the expense incurred...

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