If an asset is consumed, used up, or has no future benefit, it
A) remains an asset and continues to be reported on the balance sheet.
B) becomes an expense and will be reported on the income statement.
C) becomes an expense but continues to be reported on the balance sheet.
D) remains an asset but will be reported on the income statement.

Question

Quizplus · Accepted Answer

When an asset is consumed or used up, it is recognized as an expense and reported on the income statement, reflecting the cost of using the asset to generate revenue.

If an Asset Is Consumed, Used Up, or Has No