Expenses are resources used up result of business operations

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Reference no: EM13977938

Which of the following is not a correct statement about financial statements?

A Revenue refers to increases in a firm’s assets resulting from the sale of stocks, or other activities intended to earn income.

B Expenses are resources used up as the result of business operations.

C Accrual-basis accounting recognizes revenue when it is earned and matches expenses to the revenues they helped produce.

D Main sources of a firm’s income are sales revenue and investment income.

E Main sources of expenses are cost of goods sold (CGS) and operating expenses.

Reference no: EM13977938

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