If Certain Assets Are Partially Used Up During the Accounting

question 75

Multiple Choice

If certain assets are partially used up during the accounting period,then:

• A)nothing is recorded on the financial statements until they are completely used up.
• B)a liability account is decreased and an expense is recorded.
• C)an asset account is decreased and an expense is recorded.
• D)nothing is recorded on the financial statements until they are replaced or replenished.

---

Definitions:

Grams

A unit of mass in the metric system, equal to one thousandth of a kilogram.

HI

The chemical formula for hydrogen iodide, a diatomic molecule.

KOH

Potassium Hydroxide, a strong alkali used in various chemical processes and as a cleaning agent.