Final answer:
The subject of this question is Business. The term described is costs of goods sold (COGS) in accounting.
Step-by-step explanation:
The subject of this question is Business. The term described in the question is related to the outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major or central operations. This refers to the concept of costs of goods sold (COGS) in accounting.
COGS represents the direct costs associated with producing or delivering products and services. It includes the cost of materials, labor, and manufacturing overhead directly related to production. COGS is deducted from revenues to determine gross profit or loss on a company's income statement.
For example, in a manufacturing business, the cost of raw materials used to produce goods, the wages of workers involved in the production process, and the cost of equipment depreciation used in production are all examples of costs that are part of COGS.