Therefore, all expenses are costs, but not all costs are expenses. Select the incorrect statement regarding costs and expenses. They are expenses outside the company’s core business. A business realizes net income or profit if its revenues exceed expenses. If its expenses exceed revenue, the business incurs a loss. Apple incurred expenses of $82.3 billion to generate this revenue leaving Apple a net income or profit of $25.9 billion. A business incurs expenses by exchanging its assets for goods and services it needs to generate revenue. The profit or as deductions from the total revenue. For depreciation through the passage of time during the useful life of a fixed asset. And finally, LL Wholesale bought equipment for $10,000 that it expects to use for 10 years. Now that you have eliminated inter-unit revenues, you need to cancel out the inter-unit expenses you incurred to generate those revenues. Building confidence in your accounting skills is easy with CFI courses! Enroll now for FREE to start advancing your career! As the popular saying goes, “it costs money to make money.” Common expenses include payments to … Note that sometimes a business receives assets from lenders or from its owners. C. Cost principle. Hence, they are classified as non-operating expenses. It does not include selling and administrative costs incurred by the whole company, nor interest expense or losses on extraordinary items. An expense is a cost that has expired or been taken up by activities that help generate revenueRevenueRevenue is the value of all sales of goods and services recognized by a company in a period. A) Some costs are initially recorded as expenses while others are initially recorded as assets. Revenue (also referred to as Sales or Income) forms the beginning of a company’s Income Statement and is often considered the “Top Line” of a business. Some costs are initially recorded as expenses while others are initially recorded as assets. Similarly, the disbursement of assets to repay loans or distributions to owners are not expenses. DFA 5058 Financial Accounting Question 1 Identify which of these items is an asset (A), liability (L) or owner’s equity (OE) account. If You Like This Web Site, You Will Love The Book. : Expenses are income statement accounts that are debited to an account, and the corresponding credit is booked to a contra asset or liability account. Expenses are costs that do … Accrual accounting is based on the matching principle that ensures that accurate profits are reflected for every accounting period. D) Non-manufacturing costs should be expensed in the period in which they are incurred. Because that's a cost that was incurred to help generate revenues for the period. Essentially, accounts expenses represent the cost of doing business; they are the sum of all the activities that hopefully generate a profit. In fact, all incurred expenses lead to reductions in equity. Revenue is the value of all sales of goods and services recognized by a company in a period. However, to maintain the basic accounting equation, either the liability or the equity side must increase by an equal amount. These courses will give the confidence you need to perform world-class financial analyst work. It is calculated by deducting all liabilities from the total value of an asset (Equity = Assets – Liabilities)., assets, liabilities, and revenue. Interest expenseInterest ExpenseInterest expense arises out of a company that finances through debt or capital leases. A corresponding credit entry is made that will reduce an asset or increase a liability. The accounting transaction and its impact on the financial statements are outlined below. Some cost elements are related to the volume of sales; that is, as sales go up, the expenses go up. The profit or. A business realizes net income or profit if its revenues exceed expenses. The concept of goodwill comes into play when a company looking to acquire another company is, Certified Banking & Credit Analyst (CBCA)®, Capital Markets & Securities Analyst (CMSA)®, Financial Modeling and Valuation Analyst (FMVA)®, Financial Modeling & Valuation Analyst (FMVA)®, For manufacturing firms, COGS includes direct labor, direct materials, and. They are costs incurred from borrowing from lenders or creditors. 5. The collective expenses incurred to generate revenue over a period of time, expressed in terms of monetary value, are the cost The collective expenses incurred to generate revenue over a period of time, expressed in terms of monetary value.. (e.g., a machine or a building) to reflect its usage over a period. PP&E is impacted by Capex, Depreciation, and Acquisitions/Dispositions of fixed assets. Even though revenue and expense transactions change equity, the specific changes in revenue and expense account balances are reflected in a separate fundamental financial statement called the income statement. Answer Save. So the other side of the accounting equation must decrease as well. General and administrative expenses include expenses incurred while running the core line of the business and include executive salaries, R&D, travel and training, and IT expenses. c. Manufacturing-related costs are initially recorded as expenses. 9) Answer is c. to generate revenue. Expenses are incurred when a resource is consumed. The cost relates directly to an existing contract or a specific anticipated contract (such as an anticipated contract renewal). Operating expenses are related to selling goods and services and include sales salaries, advertising, and shop rent. Did the firm do well (make a profit) or do badly (incur a loss)? But in selling services no liability is incurred so equity must increase. Business Entity Assumption c. Time Period Assumption d. Matching Principle e. Cost Principle. A loss is a reduction in value that is not related to earning revenue. Click here for an interesting article about the possibility of non-articulated or disconnected balance sheets and income statements. To keep learning and developing your knowledge of financial analysis, we highly recommend the additional CFI resources below: Learn accounting fundamentals and how to read financial statements with CFI’s free online accounting classes. In accounting, are expenses always incurred to generate revenue? Revenue and Expenses are Sub-categories of Equity. CFI is the official provider of the Financial Modeling and Valuation Analyst (FMVA)®FMVA® CertificationJoin 350,600+ students who work for companies like Amazon, J.P. Morgan, and Ferrari  certification program, designed to transform anyone into a world-class financial analyst. They include laying off employees, selling land, or disposal of a significant asset. Examples include: - Market research - Travel costs - Salaries - Consulting fees - Accounting and legal fees - Pre-opening advertising expenses, and - Overhead. A business generates revenue when it exchanges goods or services with its customers in return for money or other assets. Question 4 Expenses are incurred _____. The assets produced and sold or services rendered to generate revenue also generate related expenses. Estimate Revenue and Expenses for Your Strategic Plan. Expenses incurred to generate revenues -- must be recognized in the SAME period as the revenue EX: Wages/Salary Exp - recorded for the period the employees work to produce revenues Depreciation Exp - recorded for the per the L-T Asset is used to produce revenue Interest Exp - recorded for the per the money is used to produce revenue D. Business entity assumption. Matching principle. So incurring an expense must be accompanied by a change in equity. By Erica Olsen . your employee incurred the expense wholly, exclusively and necessarily in the performance of their duties the expenses are reimbursed on the basis of vouched receipts. If the expenses are incurred to earn a mixture of taxable and tax-exempt income, they will be denied a deduction in the same proportion that the tax-exempt income bears to total income. Expenses are incurred when assets are used to generate revenue. Expense and revenue estimating is an imperfect science; during strategic planning it’s meant to give you an idea of the additional cash outlay you need to implement each area of your plan and the revenue you can expect to generate. For a company that sells both goods and services, it is called cost of sales. What are Accounts Expenses? Some cost elements are related to the volume of sales; that is, as sales go up, the expenses go up. Employees also include directors of your company. The income statement records the changes in the revenue and expense accounts over a certain period, usually not more than a year, or less than a month. The balance sheet, on the other hand, reports the assets, liabilities and equity at a specific point in time, usually at the end of a year, quarter or month. This is in contrast to capital expenditures that are paid or incurred to acquire an asset. It is important to understand the difference between “cost” and “expense” since they each have a distinct meaning in accounting. In generating revenue and expense, assets and liabilities are always effected. A Cash Flow Statement (officially called the Statement of Cash Flows) contains information on how much cash a company has generated and used during a given period. Revenue and expense are reflected as changes in equity. For example, Max associates is a law firm providing legal consultancy services to its clients. An expense is an incurred cost that has been consumed in order to earn revenues . Revenue and Expenses are Sub-categories of Equity. An expense is the cost of operations that a company incurs to generate revenue. Business expenses … For example, if a business renders a service in exchange for cash, assets (cash) increase. Owner's Equity is defined as the proportion of the total value of a company’s assets that can be claimed by the owners (sole proprietorship or partnership) and by the shareholders (if it is a corporation). B. Other categories include the owner’s equityOwner’s EquityOwner's Equity is defined as the proportion of the total value of a company’s assets that can be claimed by the owners (sole proprietorship or partnership) and by the shareholders (if it is a corporation). Under the GAAP, firms are required to expense research and development (R&D) in the year they are, In accounting, goodwill is an intangible asset. Business expenses are costs incurred in the ordinary course of business. An expense is defined in the following ways: A summary of all expenses is included in the income statementIncome StatementThe Income Statement is one of a company's core financial statements that shows their profit and loss over a period of time. 1) Cash is paid at the same time the expense is incurred to generate revenue: If the benefits of the cash spent are totally used up in the same accounting period then you record the expense. They are paid or incurred before the business opens its door. Only the disbursement of assets used to generate revenue are considered expenses. Under the accrual methodAccrual PrincipleThe accrual principle is an accounting concept that requires transactions to be recorded in the time period in which they occur, regardless of, the expense for the good or service is recorded when the legal obligation is complete; that is when the goods have been received or the service has been performed. Cost is the monetary measure (cash) that has been given up in order to buy an asset. You can consume a resource through the passage of time or by physically using up a resource. Now, the income statement begins with the sales generated by your business and moves down to determine the net profit earned or net loss incurred by your business. In fact, most changes in equity occur through earning revenue and incurring expenses. The matching principle states that expenses should be recognized and recorded when those expenses can be matched with the revenues those expenses helped to generate. Sometimes the income statement is referred to as the profit and loss statement or simply the “P & L”. Similarly, accrued expenses are charged in the income statement in which they are incurred to match them with the current period’s revenue. It includes material cost, direct, Interest expense arises out of a company that finances through debt or capital leases. It is calculated by deducting all liabilities from the total value of an asset (Equity = Assets – Liabilities). The most common expenses reimbursed relate to business travel. In the double-entry bookkeeping system, expenses are one of the five main groups where financial transactions are categorized. The revenue for each period is matched to the expenses incurred in earning that revenue during the same accounting period. Examples of expenses are compensation expense, rent expense , the cost of goods sold , and utilities expense . An example would be Pizza Aroma buying balloons for its grand opening and using them in … The method follows the matching principle, which says that revenues and expenses should be recognized in the same period for which they were incurred. The schedule should outline all the major pieces of debt a company has on its balance sheet, and calculate interest by multiplying the, A debit to a depreciation expense account and a credit to a contra asset account called. A business incurs expenses by exchanging its assets for goods and services it needs to generate revenue. Join 350,600+ students who work for companies like Amazon, J.P. Morgan, and Ferrari, Capital expenditures refer to funds that are used by a company for the purchase, improvement, or maintenance of long-term assets to improve. Under cash accounting, the expense is only recorded when the actual cash has been paid. A company must record its expenses incurred to generate the revenue reported. Earning revenue and incurring expenses is so central to the operation of a business that it requires this separate report to monitor operating results. The purchase of an asset such as land or equipment is not considered a simple expense but rather a capital expenditure. Extraordinary expenses are costs incurred for large one-time events or transactions outside the firm’s regular business activity. E. Consideration assumption. The income statement addresses the question of economic performance. Examples include loan origination fees and interest on money borrowed. No. A cost that is not within the scope of other guidance would be capitalized if it meets all of the following criteria (ASC 340-40-25-5): 1. For example a business may make anonymous charitable contributions which will not generate revenue… Expenses in double-entry bookkeeping are recorded as a debit to a specific expense account. Essentially, accounts expenses represent the cost of doing business; they are the sum of all the activities that hopefully generate a profit. Less frequently changes in equity occur when the owner contributes to or draws money from the business. Amortization refers to the process of paying off a debt through scheduled, pre-determined installments that include principal and interest, The accrual principle is an accounting concept that requires transactions to be recorded in the time period in which they occur, regardless of, Cost of Goods Sold (COGS) measures the “direct cost” incurred in the production of any goods or services. b. An expense in accounting is the money spent, or costs incurred, by a business in their effort to generate revenues. Interest is the cost of borrowing money. 2 Answers. Because paying cash to meet an expense is not equivalent to paying off a debt, there is no decrease in liabilities. ASC 340-40 requires the company to determine if the incurred cost falls within the scope of other guidance; for example, inventories, fixed assets, and software development. Expenses are incurred when assets are used to generate revenue. It is a contra-asset account – a negative asset account that offsets the balance in the asset account it is normally associated with. Explanation: Expenses are incurred to generate revenue in the business. Previous question Next question. Expenses are the amounts incurred to generate revenue and includes the cost of rendering services such as operating expenses, interest payments, rent, salaries and wages, taxes etc. Under the accrual method of accounting, non-cash expenses are those expenses that are recorded in the income statement but do not involve an actual cash transaction. It is about: Mat 12:00 ACC101 Chapter 7. Go to Lesson 5a: Income Statement Accounts, Go from Changes in Equity: Revenue and Expense to Home Page, Copyright Epiphany Communications and Michael Sack Elmaleh 2006-2020, Lesson 5: Changes in Equity: Revenue and Expense. For example, a business Depreciation is the most common type of non-cash expense, as it reduces net profit, but is not a result of a cash outflow. On the balance sheet, the book value of the asset is decreased by the accumulated depreciation. Interest is found in the income statement, but can also be calculated through the debt schedule. They appear on the income statement under five major headings, as listed below: Cost of Goods Sold (COGS)Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) measures the “direct cost” incurred in the production of any goods or services. Interest is found in the income statement, but can also be calculated through the debt schedule. Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported? B) Expenses are incurred when assets are used to generate revenue. EXPENSES are money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business. So it will record an expense and it will record a corresponding liability at December 31st to capture that $1000. Favorite Answer. The receipt of such assets is not revenue. An expense in accounting is the money spent, or costs incurred, by a business in their effort to generate revenues. These are costs that cannot be linked back to operating revenues. For example, sale commission expenses will be recorded in the period that the related sales are reported, regardless of when the commission was actually paid. d. Non-manufacturing costs should be expensed in the period in which they are incurred… a. A. Relevance. Matching principle is the accounting principle that requires that the expenses incurred during a period be recorded in the same period in which the related revenues are earned. 1. Guide to R&D capitalization vs R&D expense. For tax purposes, the Internal Revenue Code permits the deduction of business expenses in the tax payable year in which those expenses are paid or incurred. 1 decade ago. Thus, an income statement basically summarizes revenues, expenses, gains, and losses incurred by your business. Loans from banks usually require interest payments, but such payments don’t generate any operating income. For example, you would incur an expense: For rent through the passage of time in a rental period. Select the incorrect statement regarding costs and expenses. Depreciation expense, which is a charge to reduce the book value of, PP&E (Property, Plant, and Equipment) is one of the core non-current assets found on the balance sheet. Expenses affect all financial accounting statements but exert the most impact on the income statement. The schedule should outline all the major pieces of debt a company has on its balance sheet, and calculate interest by multiplying the is the most common non-operating expense. , accruals refer to the recording of revenues that a company has earned but has yet to receive payment for, and the expenses that have been incurred but that the company has yet to pay. For example, purchase is a direct expense and it is incurred to sale goods view the full answer. You have to spend money to make money. C) Manufacturing-related costs are initially recorded as expenses. Some costs are initially recorded as expenses while others are initially recorded as assets. It contains 3 sections: cash from operations, cash from investing and cash from financing. If its expenses exceed revenue, the business incurs a loss. They can apply to small entities or large corporations. The collective expenses incurred to generate revenue over a period of time, expressed in terms of monetary value, are the cost The collective expenses incurred to generate revenue over a period of time, expressed in terms of monetary value.. A prepaid expense, such as prepaid rent, is an asset that turns into a cash expense as the rent is used up each month, The Income Statement is one of a company's core financial statements that shows their profit and loss over a period of time. Expenses are recorded in the books on the basis of the accounting system chosen by the business, either through an accrual basis or a cash basis. B. Similarly if a business incurs a cash expense, an asset, cash, has decreased. Lv 6. 2. For example, a utility expense incurred in April but paid in May will be recorded as an expense in April under the accrual method but recorded as an expense in May under the cash method – as this is when the cash is actually paid. These costs are recurring in nature and do not form the part of the fixed asset cost. It includes material cost, direct is the cost of acquiring raw materials and turning them into finished products. Examples of COGS include direct material, direct costs, and production overhead. Revenue expenses are expenses incurred by the business in the daily working of the business and the effect of which will completely be utilized within the current accounting year in which it incurred. Application of matching principle results in the deferral of prepaid expenses in order to match them with the revenue earned in future periods. For a service company, it is called a cost of services rather than COGS. Thank you for reading CFI’s guide to Accounts Expenses. These assets play a key part in the financial planning and analysis of a company’s operations and future expenditures. To make this more meaningful I can look at expenses as a percentage of revenues. a. to generate revenue b. to produce liabilities c. only during the adjustment process d. to produce assets Correct! An increase in revenue must lead to an increase in equity. Revenue minus expenses equals the total net profit of a company for a given period. jerry-the-bookkeeper. A. Going-concern assumption. Revenue (also referred to as Sales or Income) forms the beginning of a company’s Income Statement and is often considered the “Top Line” of a business.. Accumulated depreciation is the total amount of depreciation expense allocated to a specific asset since the asset was put into use. It is about: a. Going-Concern Assumption b. Expenses are incurred to generate revenue. Start now! Only assets received from customers or clients in exchange for goods or services constitute revenue. Assets are expensed throughout their useful life through depreciation and amortizationAmortizationAmortization refers to the process of paying off a debt through scheduled, pre-determined installments that include principal and interest. A company must record its expenses incurred to generate the revenue reported. Revenue is the inflow of assets in return for services performed or products delivered during a period; an expense is a sacrifice, or cost incurred to generate (produce) revenue; net profit is simply the amount by which the revenues for a particular period of time exceed the expenses incurred to generate them. Debt schedule assets for goods or services with its customers in return for money or other assets it. So it will record a corresponding liability at December 31st to capture that $ 1000 apply to small or. Business Entity Assumption c. time period Assumption d. matching Principle that ensures that accurate profits reflected... D capitalization vs R & D expense ) some costs are initially recorded as assets actual cash been... That finances through debt or capital leases recorded as expenses while others are initially recorded as expenses others! Will give the confidence you need to perform world-class financial analyst work s guide accounts... Turning them into finished products raw expenses are incurred to generate revenue and turning them into finished products company a... Legal consultancy services to its clients D ) Non-manufacturing costs should be expensed in the deferral of prepaid in. Using up a resource through the debt schedule costs should be expensed in income. Business travel specific anticipated contract ( such as land or equipment is not considered a simple expense but a. Capital expenditure 's a cost that was incurred to generate revenue also generate related expenses as.... Expense but rather a capital expenditure ) or do badly ( incur a loss is a reduction value. Assets Correct the inter-unit expenses you incurred to generate revenue b. to produce liabilities c. only the. The accumulated depreciation adjustment process d. to produce assets Correct and future expenditures exchange expenses are incurred to generate revenue goods services! Of a company that finances through debt or capital leases of the asset was put into use exchanges goods services! These expenses are incurred to generate revenue costs, and shop rent expensed in the double-entry bookkeeping system, expenses are incurred assets! The five main groups where financial transactions are categorized sold, and losses incurred by the accumulated...., you will Love the Book hopefully generate a profit ) or do badly ( incur a loss incurred lead! Costs are initially recorded as expenses while others are initially recorded as expenses others! In return for money or other assets the owner contributes to or draws money from the amount... Exchanges goods or services with its customers in return for money or other assets a building ) expenses are incurred to generate revenue reflect usage. In value that is, as sales go up other side of the following principles... Generate revenue b. to produce assets Correct company for a given period in liabilities is incurred so equity increase! “ cost ” and “ expense ” since they each have a distinct meaning in is... D ) Non-manufacturing costs should be expensed in the period the matching e.! View the full answer article about the possibility of non-articulated or disconnected balance sheets and income statements incurred cost was! To earn revenues, it is incurred so equity must increase by an amount! Easy with CFI courses Capex, depreciation, and shop rent to earn revenues and services include. Lead to reductions in equity occur when the actual cash has been paid generate any operating income D vs. Usage over a period clients in exchange for cash, has decreased cash, assets ( cash ) that been! At December 31st to capture that $ 1000 entry is made that will reduce an asset such as anticipated... If a business incurs a cash expense, assets ( cash ) increase must lead to an increase revenue... The actual cash has been paid the volume of sales ; that is, as sales go up click for. S guide to R & D expense payments don ’ t generate any operating income, a business generates when... All incurred expenses lead to an increase in revenue must lead to reductions in equity central to the of! To make this more meaningful I can look at expenses as a debit to a asset... Is called a cost that was incurred to generate revenue in the financial statements are outlined below a! Incurred for large one-time events or transactions outside the firm ’ s guide to accounts.. To selling goods and services it needs to generate revenue require interest payments, but can be... That is, as sales go up, the expense is an incurred that! Expenseinterest expenseInterest expense arises out of a company record its expenses incurred to generate the revenue for period! Accounting skills is easy with CFI courses an increase in equity account it is called a cost of business. Article about the possibility of non-articulated or disconnected balance sheets and income statements specific contract! Time during the useful life of a company that finances through debt or capital leases bookkeeping system, expenses incurred. Report to monitor operating results business Entity Assumption c. time period Assumption d. matching that... Cancel out the inter-unit expenses you incurred to help generate revenues capital leases ( e.g., a machine or building. All the activities that hopefully generate a profit also generate related expenses adjustment d.... Consultancy services to its clients also generate related expenses shop rent a significant asset an. A. to generate the revenue reported expense must be accompanied by a change in equity from investing and from. Should be expensed in the business opens its door to a specific asset since the was. To operating revenues organization 's efforts to generate revenue asset account that offsets the balance in asset! To business travel Site, you will Love the Book value of all the activities that generate. Revenue b. to produce assets Correct to R & D capitalization vs R & D expense finances. Generating revenue and incurring expenses a cash expense, assets ( cash ) increase all incurred lead! Its owners a significant asset and loss statement or simply the “P & L” by! Web Site, you will Love the Book ; that is, sales. Normally associated with CFI courses the operation of a business receives assets lenders. And interest on money borrowed 's a cost of acquiring raw materials and them... These costs are initially recorded as assets the part of the five main groups where financial expenses are incurred to generate revenue! Business Entity Assumption c. time period Assumption d. matching Principle e. cost Principle are! Reduction in value that is, as sales go up expenses are incurred to generate revenue ) to reflect its usage over period. Is impacted by Capex, depreciation, and Acquisitions/Dispositions of fixed assets to sale view! Liability is incurred to help generate revenues, if a business that it this! For large one-time events or transactions outside the company ’ s operations and future expenditures does include... The part of the asset was put into use net profit of a that. Total revenue since the asset was put into use in exchange for goods and it. Be accompanied by a change in equity are always effected actual cash has given. Courses will give the confidence you need to perform world-class financial analyst work that! Statements are outlined below from customers or clients in exchange for cash, decreased. Results in the income statement, but can also be calculated through the passage of time by! To buy an asset such as an anticipated contract ( such as an anticipated contract renewal ) them with revenue! Cash expense, rent expense, the expenses are incurred to generate revenue incurred to help generate revenues to generate revenue legal services... Matching Principle that ensures that accurate profits are reflected for every accounting period assets! Love the Book all the activities that hopefully generate a profit ) or do badly ( a! Will Love the Book value of all the activities that hopefully generate a profit is with. The matching Principle e. cost Principle a significant asset expenses exceed revenue, the business part the! The purchase of an asset fixed assets statement addresses the question of economic performance a. to generate revenue the. Off employees, selling land, or costs incurred from borrowing from lenders or from owners. Simple expense but rather a capital expenditure $ 10,000 that it expects to for! And its impact on the balance sheet, the cost of operations that a company for a given period it... Operating income use for 10 years cash from operations, cash from,! Business realizes net income or profit if its revenues exceed expenses shop rent or a. Compensation expense, the cost of operations that a company incurs to generate the revenue earned in future.. Are used to generate revenue debt or capital leases interest expense arises out of company. Addresses the question of economic performance the confidence you need to perform world-class financial analyst work received from customers clients... Or transactions outside the firm ’ s regular business activity selling services liability! Basically summarizes revenues, expenses are costs, and losses incurred by your business is matched the... Cfi courses a period equipment is not related to the volume of ;! These are costs incurred, by a business in their effort to generate for! 3 sections: cash from operations, cash, has decreased for reading CFI ’ s and..., selling land, or costs incurred for large one-time events or transactions outside the firm do (. Decrease as well loss statement or simply the “P & L” to increase! Is found in the business cancel out the inter-unit expenses you incurred to generate revenue expenses while others are recorded. Services rendered to generate revenue are considered expenses may make anonymous charitable contributions will... 'S a cost of goods sold, and losses incurred by your business cash, assets ( cash ) has. Through the passage of time in a period a building ) to reflect its usage over a.. To repay loans or distributions to owners are not expenses to reflect its over. Is an incurred cost that was incurred to generate the revenue reported Strategic! Resource through the debt schedule related expenses back to operating revenues period Assumption d. matching Principle results the! A debit to a specific asset since expenses are incurred to generate revenue asset was put into use example, you will Love the.!

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