Which of the following is a correct statement about the nature of equipment?
A)While equipment is an asset,its use is recorded as an expense.
B)While equipment is an asset,its use is recorded as a liability.
C)While equipment is an asset,its use is recorded as affects Common Stock.
D)Equipment and its use both affect liabilities.

Question

Quizplus · Accepted Answer

Equipment is an asset.When equipment is used to generate revenues in the current period,part of its cost should be transferred to an expense account in that period.

Which of the Following Is a Correct Statement About the Nature