Multiple Choice
If a company buys an asset that will be used for more than one accounting period,an expense associated with the asset will be recognized ________.
A) when the asset is purchased
B) in the periods during which the asset is used to generate revenue
C) when the asset is sold
D) in the accounting periods during which the company has a profit
Correct Answer:
Verified
Correct Answer:
Verified
Q5: What is depreciation?
Q109: Match the following terms with the appropriate
Q110: On January 1,2010,We Haul,Inc.bought a $48,000 truck,which
Q111: On April 1,Spring Floral,Inc.has a balance of
Q112: Maxine,Inc.bought a machine on January 1,2012 for
Q113: Avatar,Inc.bought a machine on January 1,2011 for
Q115: Mac,Inc.purchased a truck on October 1,2011 in
Q116: Adjusting entries cause changes in the balance
Q117: On January 1,2011,Swinger,Inc.purchases a batting machine for
Q118: Prepaid insurance had a balance of $1,000