Assertion: asset's expense | /r/HasProperty | reported on the income statement
Facets:
Source sentences:
text: Expenses are reported on the Income Statement and assets are reported on the Balance Sheet.
text: Expenses are reported on the Income Statement - also called the Profit and Loss Report (P&L).
text: Since expenses are reported on the Income Statement, the debits to the Depreciation Expense account reduce taxable income!