The Cost of a Long-Term Asset Is Expensed

question 24

Multiple Choice

The cost of a long-term asset is expensed

• A)in the period in which it is sold.
• B)in the period in which it is acquired.
• C)as the asset benefits the company.
• D)when it is paid for.

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Definitions:

Four-chambered Heart

A type of heart structure found in mammals and birds, consisting of two atria and two ventricles, allowing for efficient separation of oxygenated and deoxygenated blood.

Hemoglobin

Iron-containing respiratory pigment occurring in vertebrate red blood cells and in the blood plasma of some invertebrates.

Oxygen-rich Blood

Blood that has been oxygenated in the lungs and is being transported by the arteries to the rest of the body.

Mammary Glands

Specialized organs in mammals responsible for producing milk to nourish their young.