Author Question: If a company buys an asset that will be used for more than one accounting period, an expense ... (Read 35 times)

cagreen833 · **on:** Jul 5, 2018

If a company buys an asset that will be used for more than one accounting period, an expense associated with the asset will be recognized ________.

A) when the asset is purchased
B) in the periods during which the asset is used to generate revenue
C) when the asset is sold
D) in the accounting periods during which the company has a profit

Question 2

Preventive controls are ________.

A) designed to monitor business risks
B) designed to identify when an error or irregularity has occurred
C) designed to stop a problem before it starts
D) directed at recovering from an error