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How expense is recorded
how expenses is recorded does it is recorded according to nature or does it is recorded as reason for expenses incurred ??
Replies (3)
Quick Summary
It is a process of accounting cycle. Expenses has only 2 natures, fixed and variables. All five elements of accounting aka assets, liabilities, expenses, incomes and equity must be reported.
You didn't get my question
i am asking whether the expenses is recorded as per the nature or as per the purpose to incurr it ??
i am asking whether the expenses is recorded as per the nature or as per the purpose to incurr it ??
Just the purpose in reporting because cost classification is not reporting
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