Which Resource Is a Physical Asset

question 37

Multiple Choice

Which resource is a physical asset?

• A) Web site
• B) Computer system
• C) Data
• D) Information

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Definitions:

Expense Recognition

The accounting principle that expenses are recorded and reported in the same period as the revenues they help to generate, ensuring accurate financial statements.

Revenue Recognition

The accounting principle that revenue should be recognized in the accounting period in which it is earned and realizable, regardless of when cash is received.

Business Transactions

Economic events or conditions that affect the financial position of a company, which are recorded as entries in accounting records.

Time Period

A specific duration during which financial transactions are recorded and reported in financial statements.