Explain and give example of the following accounting term: Expens… - Vidyadip

Question

Explain and give example of the following accounting term:
Expenses.

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Answer

Costs incurred by a business in the process of earning revenue are known as expenses. Generally, expenses are measured by the cost of assets consumed or services used during an accounting period.
The usual items of expenses are: Depreciation, rent, wages, salaries, interest, cost of heater, light and water, telephone, etc.

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