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The cost of a long term asset is expensed a. in the period in whcih it is acquired b. when it is paid for. c.

The cost of a long term asset is expensed

a. in the period in whcih it is acquired

b. when it is paid for.

c. as the asset benefits the company.

d. in the period in which it is sold.

An effective system of internal control requires that individuals take periodic vacations.

False

True

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