Expenses Are Shown in Which of the Following Statements

question 126

Multiple Choice

Expenses are shown in which of the following statements?

• A)Income statement.
• B)Statement of cash flows.
• C)Balance sheet.
• D)Statement of stockholders' equity.

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Definitions:

IAS 41

An international accounting standard that relates to agriculture, covering the accounting for agricultural activity and the management of living plants and animals.

Agricultural Produce

The harvested product of the entity’s biological assets.

Biological Assets

Living plants or animals that are used in agricultural production or held for sale, breeding, or other purposes, which can provide economic benefits to their owners.