Which of the Following Statements Is (Are)true? (1)

question 20

Multiple Choice

Which of the following statements is (are) true? (1) .An asset is a cost that will be matched with revenues in a future accounting period.(2) .Opportunity costs are recorded as intangible assets in the current accounting period.

• A)Only (1)is true.
• B)Only (2)is true.
• C)Both (1)and (2)are true.
• D)Neither (1)nor (2)are true.

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Definitions:

Principals

Fundamental truths or propositions that serve as the foundation for a system of belief or behavior or for a chain of reasoning.

Agents

Individuals or companies authorized to act on behalf of another person or company in commercial transactions.

Payment Default

The failure to make a required payment on a loan or other debt obligation by the due date.

Loan Covenants

Agreements between a borrower and a lender that the borrower must comply with to remain in good standing.