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

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.

andromache andromache · Answer 2 · 2022-02-03T13:52:28+01:00

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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