Respuesta :
As inventory and ppe assets on the balance sheet are consumed, they are reflected as expense on the income statement.
As inventory and ppe assets on the balance sheet are consumed, they are reflected as expense on the income statement.
Paying suppliers, paying employees, leasing facilities, and depreciating equipment are examples of frequent expense. Businesses are permitted to deduct tax-deductible expenses from their taxable revenue on their income tax returns in order to reduce their tax liability. However, there are tight guidelines set forth by the Internal Revenue Service (IRS) regarding which costs companies may deduct.
The operational costs a business bears in order to make money are referred to as expenses. Businesses may deduct tax-deductible expenses on their income tax returns as long as they comply with IRS regulations. One of two accounting methods—cash basis or accrual basis—is used by accountants to record expenses.
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