An asset use transaction
A) increases one asset and decreases another.
B) decreases an asset and decreases a liability or equity.
C) increases an asset and decreases a liability or equity.
D) increases an asset and increases a liability or equity.

Question

Quizplus · Accepted Answer

An asset use transaction involves using up or consuming an asset, which results in a decrease in the asset and a corresponding decrease in either a liability or equity, such as paying off a debt or distributing dividends.

An Asset Use Transaction