Equipment is listed as an asset because it is used up in a relatively long period of time.

Name: Equipment is listed as an asset because it is used up in a relatively long period of time.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Equipment is listed as an asset because it is a long-term asset that is used up over time, usually more than one year. This is why it is depreciated over its useful life, recognizing the expense of using the asset over the period it generates revenue.

Equipment Is Listed as an Asset Because It Is Used