Which of These Statements Is Not Correct

question 45

Multiple Choice

Which of these statements is not correct?

• A) An expense is the consumption or loss of resources that will result in a decrease in equity.
• B) A cost that provides future economic benefits is treated as an asset.
• C) To accountants the terms cost and expense always mean the same thing.
• D) Many costs eventually become expenses.

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Definitions:

Internal Auditors

Professionals employed by an organization to perform audits on its operations, systems, and processes to ensure accuracy, compliance, and efficiency.

Shift Supervisors

Individuals responsible for overseeing operations and workers during a specific period or shift within a workplace.

Segregation Of Duties

An internal control measure that divides responsibilities among different people to reduce risk of error or fraud.

Authorize

To give official permission for or approval to an action or plan.