Question

expenses
the amount by which expenses exceed revenues.
the cost of assets consumed or services used in
the process of generating revenue.
common standards that indicate how to report
economic events.
net loss
generally accepted accounting principles
(gaap)

Explanation:

Match each accounting term to its correct definition by aligning the term with its corresponding descriptive phrase.

1. "expenses" corresponds to the definition of costs from revenue generation.
2. "net loss" corresponds to expenses exceeding revenues.
3. "generally accepted accounting principles (GAAP)" corresponds to common reporting standards.

Answer:

• expenses: The cost of assets consumed or services used in the process of generating revenue.
• net loss: The amount by which expenses exceed revenues.
• generally accepted accounting principles (GAAP): Common standards that indicate how to report economic events.