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Which of these statements is/are correct? I Assets are economic resources that are owed by the business and are expected to benefit the business in

Which of these statements is/are correct?

I Assets are economic resources that are owed by the business and are expected to benefit the business in the future..

II Expenses are something from which the business will get benefit within the accounting period.

Select one:

a. Both (I) and (II) are incorrect

b. Only I is correct

c. Both (I) and (II) are correct

d. Only II is correct

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