Accounting week 2 dq 1.docx - Literally describing assets are valuable resources and asset advantages can be accrued over time Let me assume that when a

Accounting week 2 dq 1.docx - Literally describing assets...

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Literally describing, assets are valuable resources and asset advantages can be accrued over time. Let me assume that when a company buys furniture items for the sake of office, it can invest four to five years using that furniture and get a longer profit. It ensures that within a year the company cannot receive the full rewards as it receives monthly compensation, just as the value of the property continues to decrease. Likewise when the company decides to use the product for five years and currently pays the valuation of the whole asset by allowing use of the commodity over longer periods, the financial transaction will be costly. Nevertheless, the goods of officials like cheaper and stationery items. Likewise, goods with a higher price and lager sizes that can provide more economic benefits are referred to as reserves. Asset accounts provide a debit balance as they can provide economic benefits over longer periods (i.e. for more than a year) for the company (Averkamp H, 2019).
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  • Spring '18
  • professor newerze
  • Depreciation, Expense, Generally Accepted Accounting Principles, Premier College

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