Question

all economic costs that a business incur through uts operation to earn revenues are:
a) Drawing
b) expenses
c) assets
d) revenue ​

Answer 1

Answer:

c. assets is the correct answer....

Answer 2

ANSWER :

All economic costs that a business incur through uts operation to earn revenues are :-

a) Drawing

b) Expenses ✓

c) Assets

d) Revenue

• All economic costs that a business incur through uts operation to earn revenues are Expenses.

MORE INFORMATION :

• ❖ Expense is the cost incurred in producing and selling the goods or rendering services.

• ❖ According to Finnet and Miller, "Expense is the cost of use of things or services for the purpose of generating revenue".

• ❖ Amount received from sale of goods or render of services is called "Revenue" nd the cost of goods sold or service rendered is called "Expense".

• ❖ Excess of revenue over expense is known as Income. Hence, Income = Revenue - Expense.

• ❖ Expenses are of two types :- [1] Direct Expense and [2] Indirect Expense.