Assets become expenses when:

Name: Assets become expenses when:
Brand: Quizplus
Rating: 4.8 (52 reviews)

Question

Quizplus · Accepted Answer

Assets become expenses when their economic benefits expire. This means that they are no longer providing any benefits to the company and have reached the end of their useful life. At this point, they are removed from the balance sheet and recorded as an expense on the income statement. Choices A, B, and C are incorrect as they do not accurately describe when assets become expenses.

Assets Become Expenses When