Answered: Assets used to generate revenue for a…

Assets used to generate revenue for a period longer than one year are called :Select one A. Fixed assets B. Long-term assets C. Contra assets D. Depreciation

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7Q: Describe the relationship between expense recognition and long-term assets.

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Concept explainers

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

Question

Assets used to generate revenue for a period longer than one year are called :Select one

A. Fixed assets

B. Long-term assets

C. Contra assets

D. Depreciation

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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