Financial Reporting

xpenses result from the “using up” of assets or result in the creation or increase in liabilities.

 

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  1. Can you give examples of a firm’s expenses that use up two different classes of assets? [Classes of assets might be current assets, property, plant & equipment (PPE), and other noncurrent assets.]
  2. Can you also give one example of an asset that affects liabilities?
  3. How do expenses affect the accounting equation?

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