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Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
MCQ
The gross decrease is economic benefits to the enterprise is referred to as $............$
  • A
    Inflow
  • B
    Cash outflow
  • ✓
    Expense
  • D
    Income
✓

Answer

Correct option: C.
Expense
Expenses are those which are incurred for day to day business operations.
All indirect expenses are debited to the profit & loss account which finally impact the owners' equity.
There are mainly two types of expenses
  1. Capital Expense
  2. Revenue Expense.

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