Which of the Following Entries Is NOT an Example of Asset

question 49

Short Answer

Which of the following entries is NOT an example of asset consumption,recognised over future time periods?
A. DR Salaries expense $\quad$ CR Cash

B. DR Depreciation expense $\quad$ CR Accumulated depreciation

C. DR Insurance expense $\quad$ CR Prepaid insurance

D. DR Cost of goods sold $\quad$ CR Inventory

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Definitions:

Pollution

The introduction of contaminants into the natural environment that cause adverse change, often as a byproduct of human activities.

Well-Maintained Yard

A property space that is kept in good condition through regular care, such as mowing, watering, and landscaping.

Positive Externality

A beneficial effect experienced by a third party due to an economic transaction that they were not directly involved in.

Property Tax

A levy on property that the owner is required to pay, usually based on the value of the property.