Which of the following is/are true?
A)Cost is the economic sacrifice made to acquire goods or services
B)When the good or service acquired has reliably measurable future benefits to a firm, the cost is an asset.
C)When the firm consumes the good or service, the cost is an expense.
D)All of the above are true.
E)None of the above are true.

Question

Quizplus · Accepted Answer

All of the statements are true in accounting. Cost is the economic sacrifice made to acquire goods or services, and when the good or service acquired has reliably measurable future benefits to a firm, the cost is an asset. However, when the firm consumes the good or service, the cost is an expense.

Which of the Following Is/are True