Ambitioussj7462 Ambitioussj7462

21-10-2020
Business

contestada

Which of the following statements is correct regarding expenses.

a. Expenses increase equity.
b. Expenses are increased on the left side of their T-account because they decrease equity.
c. Expenses are reported on the left side of the accounting equation.
d. Expenses result from products or services provided to customers

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21-10-2020

Answer:

b. Expenses are increased on the left side of their T-account because they decrease equity.

Explanation:

Expenses arise during operation. The conceptual framework defines expenses as decrease in economic benefits as a result of increase in liabilities and decreases in assets. The result being a decrease in equity attributable to shareholders. Examples of expenses include depreciation, interest, utilities and wages expenses.

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andromache andromache

03-02-2022

b. Expenses are increased on the left side of their T-account because they decrease equity.

The following information should be considered:

The expenses should represent the decrease in economic benefits due to which there is an increase in liabilities and decreases in assets.
The result is a decrease in equity.
Examples include depreciation, interest.

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