Expenses are recognised in the statement of profit or loss and other comprehensive income when:*1 pointa decrease in future economic benefits related to a decrease in an asset or an increase in a liability can be measured reliabily.increase in future economic benefits related to a increase in an asset or an increase in a liability can be measured reliably.a decreae in futhere economic benefits related to a decrease in an asset or a decrease in a liability can be measured reliably.non of the options are correct.

In accordance with the conceptual framework, income is recognised in the statement of profit or loss and other comprehensive income when:*1 pointan increase in future economic benefits relating to a decrease in an asset or an increase in a liability can be measured reliably.an increase in future economic benefits relating to an increase in an asset can be measured reliably.an increase in future economic benefits relating to an increase in an asset or a decrease in a liability can be measured reliably.a decrease in future economic benefits relating to a decrease in an asset or an increase in a liability can be measured reliably.

Expense should be recorded to recognize the cost of using long-lived assets, such as equipment, during the accounting period. (Enter one word per blank.)

Accounting profit measures:Group of answer choicesthe excess of income over expenses for the period.the increase in the value of the entity over the period.taxable income minus allowable deductions.the increase in the bank balance over the period.

Accrued expenses*a. decrease liabilitiesb. increase liabilitiesc. increase assetsd. decrease assets

Expenditures that maintain the operating efficiency and expected productive life of a plant asset are generallyGroup of answer choicesdebited to the Accumulated Depreciation account.expensed when incurred.capitalized as a part of the cost of the asset.not recorded until they become material in amount.