Take the following as truth: EXPENSE -Outflows or other using up of assets or incurrences of liabilities (or a combination of both) during a period from providing goods, rendering services, or carrying out other activities related to an entity's programs and missions, the benefits from which do not extend beyond the present operating period.
Then the following statement: "An expense is the outflow of an asset." is true, false, or inconclusive?
Answer: False