Asset and Expenses.docx - 1 Asset is resources available...

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1- Asset is resources available for the corporation (owned by them) and has some economic value in the future even if it is usually decrease in value overtime and it is divided to long- term and short-term, that’s why the equipment is recorded as an asset as it has some future economic value as they can resale the equipment at any time and earn some cash. Expenses is the amount of already consumed resources in the operation where it is related to

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