Basic Accounting Concepts Ppt Download Economic events can be identified with a particular unit of accountability. materiality. an item important enough to influence a prudent investor. consistency. same accounting principles and methods used from year to year within a company. study with quizlet and memorize flashcards containing terms like dividends, expenses, sole proprietorship. Consumed cost definition. a consumed cost is an expenditure for which the associated utility has been used. when a cost has been consumed, it is reclassified from being an asset to being an expense. this means that the cost is shifted from the balance sheet to the income statement. for example, a company purchases merchandise for $300.
Chapter 1 Accounting In Action Chapter 1 Accounting A business owned by one person. a business in which two or more persons combine their assets and skills. organized under state federal statutes. combines the attributes of a partnership and a corporation. study with quizlet and memorize flashcards containing terms like revenue, expense, assets and more. Cost is the required to create and sell products and services, or to acquire . when sold or consumed, a cost is charged to . in the case of an asset, the charge to expense could be significantly deferred. the cost concept underlies the transition of assets from the to expenses in the . when a cost is designated as an expense, it can be assigned. The cost of assets consumed or services used in the process of generating revenues. income statement a financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time. See answer. question: the cost of assets consumed or services used is also known as a (n)select one:a. expense.b. liability.c. asset.d. revenue. the cost of assets consumed or services used is also known as a (n) select one: a. expense. b. liability. c. asset. d. revenue. there are 2 steps to solve this one.
Solved The Cost Of Assets Consumed Or Services Used Is Also Chegg The cost of assets consumed or services used in the process of generating revenues. income statement a financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time. See answer. question: the cost of assets consumed or services used is also known as a (n)select one:a. expense.b. liability.c. asset.d. revenue. the cost of assets consumed or services used is also known as a (n) select one: a. expense. b. liability. c. asset. d. revenue. there are 2 steps to solve this one. The cost of assets consumed or services used is also known as. a. a revenue. b. an expense. c. a liability. Basically, it refers to the cost of assets consumed or services used, by the firm during the course of the financial year. it is that portion of expenditure that is written off in a financial year. fixed assets such as plant and machinery, furniture, vehicles, etc. are completely utilized during their lifetime, and their life years are definite.
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