If certain assets are partially used up during the accounting period, then:
A. a liability account is decreased and an expense is recorded.
B. an asset account is decreased and an expense is recorded.
C. nothing is recorded on the financial statements until they are completely used up.
D. nothing is recorded on the financial statements until they are replaced or replenished.
Answer: B
You might also like to view...
Joe E. Conomist purchased 100 shares of IBM corporation in 2011 for $10,000. In 2014, Joe sold these shares to Sally Forth for $15,000. How would this sale of stock in 2014 affect IBM corporation?
A. IBM makes $5,000 in profit. B. IBM invests $5,000 in capital equipment. C. IBM suffers a loss of $5,000. D. IBM is unaffected.
When writing for an online audience, how should a document be developed?
A) Paragraphs should be kept short. B) Lists and bullets should be used wherever possible. C) Headings and subheadings should be limited. D) Writing should be efficient and skimmable. E) Style and tone should be general to reach a wider audience.
Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________
A) product benefits B) product attributes C) beliefs and values D) market share E) brand loyalty
Learned and shared patterns in a group or society is referred to as _____
A) culture B) ego C) ethnocentrism D) respect E) stereotypes