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Worldatwork Exam T7 Topic 3 Question 58 Discussion

Actual exam question for Worldatwork's T7 exam
Question #: 58
Topic #: 3
[All T7 Questions]

What is the term that describes the outflows of assets or incurring of liabilities during a period as a result of delivering or producing goods and/or rendering services?

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Suggested Answer: A

by Jade at Sep 16, 2022, 08:03 AM

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Gabriele
3 months ago
I'm pretty sure it's D) Expenses. Although, I do like the sound of 'period costs' - makes me feel like I'm living in a Jane Austen novel!
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Lenna
3 months ago
I'm gonna go with D) Expenses. Gotta love those classic accounting terms, am I right? *winks*
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Peter
1 months ago
User 4: Classic accounting terms for the win! *winks*
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Sharen
1 months ago
User 3: So, D) Expenses is the term that describes it.
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Jodi
1 months ago
User 2: Yeah, that's correct. It's all about the costs incurred during a period.
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Geoffrey
2 months ago
User 1: Expenses are the outflows of assets or liabilities, right?
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Tegan
3 months ago
B) Production costs? Really? I thought that was just the cost of making the product, not the outflows from actually selling it.
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Corinne
3 months ago
Hmm, I think it's D) Expenses. Delivering goods and rendering services definitely sounds like an expense to me.
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Britt
2 months ago
User 3: Definitely D) Expenses. It's the cost incurred during the period for delivering goods and services.
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Teddy
2 months ago
User 2: Yeah, I agree. Expenses are the outflows of assets or liabilities from delivering goods and services.
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Junita
2 months ago
User 1: I think it's D) Expenses too. It makes sense that delivering goods and services would incur expenses.
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Cheryll
4 months ago
But could it also be A) Period costs? Those are incurred during a specific period.
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Melina
4 months ago
I agree with Aaron, expenses are the outflows of assets or liabilities.
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Aaron
4 months ago
I think the answer is D) Expenses.
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