Expenses in an income statement prepared under International Financial Reporting Standards (IFRS):______.
A. Can be classified either by function or by natural description.
B. Must be classified by function.
C. Must be classified by natural description.
D. None of these answer choices are correct.

Expense is simply known to be the outflow, diminishing or consumption of an economic benefit. They usually may be in in the form of a decrease in assets or an increase in liabilities that reduces owner's equity.

It is that which businesses has consumed to have or earn revenue and it is simply not what the owner has withdrawn for personal purposes. IFRS is International financial reporting standards.

Expenses in an income statement prepared under International Financial Reporting Standards (IFRS):______. A. Can be classified either by function or by natural description. B. Must be classified by function. C. Must be classified by natural description. D. None of these answer choices are correct.

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Expenses in an income statement prepared under International Financial Reporting Standards (IFRS):______.
A. Can be classified either by function or by natural description.
B. Must be classified by function.
C. Must be classified by natural description.
D. None of these answer choices are correct.