Which of the Following Entries Is an Example of Asset

question 34

Multiple Choice

Which of the following entries is an example of asset consumption recognised over future time periods?

• A) Dr Warranty expense Cr Warranty liability
• B) Dr Supplies expense Cr Supplies inventory
• C) Dr Customer deposits Cr Service revenue
• D) None of the answers provided

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Definitions:

Phosphate

A chemical compound containing the phosphate ion, PO4^3-, which plays a critical role in biological systems, including energy transfer and the structure of DNA and RNA.

Backbone

The series of vertebrae extending from the skull to the tail in vertebrate animals, providing support and protecting the spinal cord.

Topoisomerases

Enzymes that relieve twists and kinks in a DNA molecule by breaking and rejoining the strands.

DNA Molecules

The carriers of genetic information in living organisms, consisting of two long chains of nucleotides twisted into a double helix.