A Plant That Requires Two Years to Complete Its Life

question 16

Multiple Choice

A plant that requires two years to complete its life cycle is referred to as a(n) :

• A) biennial.
• B) annual.
• C) perennial.
• D) dicot.
• E) monocot.

---

Definitions:

Accumulated Depreciation

The complete value of a physical asset's price that has been charged as an expense from the time the asset started being utilized.

Contra Asset Account

A type of account that reduces the total value of a related asset account on a company's balance sheet.

Asset-Expense Relationship

The correlation between a company's assets and expenses, indicating how asset utilization incurs costs.

Prepaid Expense Adjusting Entries

Journal entries made at the end of an accounting period to account for expenses paid in advance but which relate to future accounting periods.