Expenses Are the Costs of Assets That Are Consumed or Services

question 162

True/False

Expenses are the costs of assets that are consumed or services used in the ordinary business activities.

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Definitions:

Right of Way of Necessity

A legal grant allowing one to cross land owned by another, typically when it's essential for access to one's own land and no alternative route exists.

Express Easement

A right granted by a landowner for the use of a portion of their property for a specific purpose, explicitly stated in writing.

Common Elements

are the parts of a condominium or co-operative property that are shared among all owners, such as lobbies, gyms, and pools.

Right of Lien

The legal right to retain possession of property belonging to another person until a debt owed by that person is discharged.