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Question
Giving example, explain the following accounting term:
Expenses
Answer in Brief
Solution
Expenses- Expenses are those costs that are incurred to maintain the profitability of business, like rent, wages, depreciation, interest, salaries, etc.
These help in the production, business operations and generating revenues.
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Basic Terms in Accounting
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Chapter 1: Introduction to Accounting - Questions for practice [Page 21]
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