Which of the Following Could Be Recorded as 'Expenses' Under $\quad$

question 4

Multiple Choice

Which of the following could be recorded as 'expenses' under AASB 101:
I. $\quad$ Cost of goods sold
II. $\quad$ Wages paid
III. $\quad$ nterest paid
IV. $\quad$ Fire damage costs

• A)I only
• B)I and II only
• C)I, II and III only
• D)I, II, III and IV

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Definitions:

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Shareholder's Equity.

Office Equipment

Items purchased for use in conducting business operations, including computers, desks, and chairs.

Ownner's Equity

The portion of a company's assets that belongs to the owners or shareholders after liabilities are subtracted; also known as shareholder's equity.

Total Liabilities

The combined amount of obligations a company owes to external parties, including loans, accounts payable, mortgages, and other debts due within one year or beyond.