Which of the following statements is true? Tangible assets lack physical substance. Tangible assets will be consumed in a year or less. Tangible assets have physical substance. Tangible assets will be consumed in over a year.

Which of the following statements is true? Tangible assets lack physical substance. Tangible assets will be consumed in a year or less. Tangible assets have physical substance. Tangible assets will be consumed in over a year.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 6MC: Which of the following statements is true? A. Tangible assets lack physical substance. B. Tangible...

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Question

Which of the following statements is true?
1. Tangible assets lack physical substance.
2. Tangible assets will be consumed in a year or less.
3. Tangible assets have physical substance.
4. Tangible assets will be consumed in over a year.

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