The essential difference between an asset and an expense revolves around whether the economic benefits involved lie in the future or the past.

Name: The essential difference between an asset and an expense revolves around whether the economic benefits involved lie in the future or the past.
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An asset represents economic benefits that are expected to be received in the future, while an expense represents economic benefits that have already been used or consumed in the past.

The Essential Difference Between an Asset and an Expense Revolves