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Question

Which of the following is incorrect with regard to expenses?



A

Expense is the money spent or cost incurred which is an entity's effort to generate revenue

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B

Expenses represent the cost of doing business

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C

Revenue minus expenses calculate the net profit for the business for a given period

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D

Expenses are always incurred in cash. There are no expenses which are outstanding

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Solution

The correct option is D

Expenses are always incurred in cash. There are no expenses which are outstanding


Statement D is incorrect with regard to expenses because expenses are incurred in cash as well as there are outstanding expenses for which payment is done in the future.


Accountancy

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