
Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 13MJ, Problem 3DQ
To determine
Expenses:
The costs that are incurred to earn revenues in the process of operating activities of the business are referred to as expenses.
Functional expense:
The expense is classified by function when the expense is related to its purpose. Some examples are administration expenses, marketing expenses, selling expenses, distribution expenses.
To indicate: The disclosure requirements which are necessary, when an expense is classified by function on the statement of comprehensive income
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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License