The following costs are initially expressed as assets but are then reclassified as expenses when they are used up, EXCEPT for the following:
A) inventory.
B) prepaid insurance.
C) prepaid rent.
D) short term investments.

Question

Quizplus · Accepted Answer

Short term investments are not reclassified as expenses when used up; they are financial assets that are sold or mature, not consumed like inventory or prepaid expenses.

The Following Costs Are Initially Expressed as Assets but Are