Question

Define the term expenses and give an example

Answer 1

[AI-generated answer — Bot GPT 3.5]

Expenses refer to the costs that a business incurs in order to generate revenue. These costs can include items such as rent, utilities, wages, inventory, and marketing expenses.

An example of an expense would be a company paying utility bills for their office space. This cost is necessary for the business to operate and is considered an expense on their financial statements.