Operating Expenses Are Period Costs,which Means They Must Be Charged

question 7

True/False

Operating expenses are period costs,which means they must be charged as an expense during the period in which they are incurred

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Definitions:

Consulting Fees-Revenue

Income earned by an individual or a company for providing professional advice or services to clients.

Cash

A form of liquid asset that consists of currency, including coins and banknotes, which can be used immediately for transactions.

Supplies Expense

The cost associated with consumable supplies used during an accounting period in the operation of a business.

Supplies

Items used in the day-to-day operations of a business, such as office supplies, which are essential for conducting business activities.