Costs Incurred or the Using Up of Assets as a Result

question 141

Multiple Choice

Costs incurred or the using up of assets as a result of the main operations of a business are called

• A) liabilities
• B) equity
• C) revenues
• D) expenses
• E) net losses

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Definitions:

Gift

A voluntary transfer of property or funds from one person to another without the expectation of receiving something in return.

Stock in Corporation

Shares representing ownership in a corporation, entitling the holder to dividends and certain rights under the corporation's governance.

Bailment

A legal relationship where one party temporarily transfers possession of property to another, under the agreement that the property will be returned.

Operates

To run or control the functioning of a system, machine, process, or organization.