If certain assets are partially used up during the accounting period,then:
A)nothing is recorded on the financial statements until they are completely used up.
B)a liability account is decreased or eliminated and an expense is recorded.
C)an asset account is decreased or eliminated and an expense is recorded.
D)nothing is recorded on the financial statements until they are replaced or replenished.

Question

Quizplus · Accepted Answer

When an asset is partially used up during the accounting period, its corresponding asset account is reduced or eliminated and an expense is recorded on the income statement to reflect the cost of the portion of the asset that was used up. This ensures that the financial statements accurately reflect the consumption of resources and the associated costs during the period.

If Certain Assets Are Partially Used Up During the Accounting