There will be two discussion questions listed below. By due date assigned, respond to one of the discussion questions and submit your response to the Discussion Area below, using the lessons and vocabulary found in the reading. Support your answers with examples and research and cite your sources using the APA format.

Discussion Question:

Sometimes the value spent by a corporation is recorded as an asset and sometimes as an expense. Find appropriate professional research to answer the following:

Define the two terms. How and why are these expenditures different from each other?

How are they different from Liabilities?

Describe the effects of assets and expenses on the companys financial statements.

In ACC1001 you studied about Current Assets. How do they affect the financial statements differently from fixed assets?

Comment on the statement that all assets are eventually expenses