When an asset is used up or consumed in the operations of the business, an expense is

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When an asset is used up or consumed in the operations of the business, an expense is incurred. Thus, an asset gives rise to an [expenditure /

expense] when it is acquired, and to an [expenditure / expense] when it is consumed.

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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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