_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.

Question

Quizplus · Accepted Answer

Supplies are items that are used up within a year of purchase and are therefore carried on the organization's books as expenses. Expenses refer to any item that reduces the revenue or increases the cost of generating revenue, while assets are resources that are expected to provide economic benefits to an organization over a period of time, usually more than one year. Equity refers to the residual interest in the assets of an organization after deducting liabilities.

_________ Normally Are Carried on an Organization's Books as Expenses