If Certain Assets Are Partially Used Up During the Accounting

question 110

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 or eliminated and an expense is recorded.
• C)an asset account is decreased or eliminated and an expense is recorded.
• D)nothing is recorded on the financial statements until they are replaced or replenished.

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