Costs for items or resources that are used up or consumed in the course of daily...

Costs for items or resources that are used up or consumed in the course of daily living.

Expenses
Income
Liabilities
Assets

Expert Solution

Expenses

Expenses are the costs for items or resources that are used up or consumed in the course of daily living. It is the costs incurred by a business to generate revenue. Expenses related with the core activity of business are operating expenses and the expenses associated with a peripheral or secondary activity are nonoperating or other expenses. Expense can be also categorised into fixed and variable expenses. Examples of expenses are rent expense, salary and wages expense, advertisement expense, interest expense etc.

Income

Income is the money earned by an individual or a business from capital invested or resources employed for a particular period of time.

Liabilities

Liabilities are the obligations of the business resulting from a past transaction. Liabilities are basically divided into current and non current liabilities.

Assets

Assets are the resources owned and controlled by an entity which has a particular value. Assets are basically classified into current asset, fixed or capital asset, tangible and intagible assets.

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