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Formation of Coal

Coal mine is ...

Question

Coal mine is which type of asset?

A

Fixed Asset

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B

Current Asset

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C

Wasting Asset

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D

Fictitious Asset

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Solution

The correct option is C Wasting Asset
An asset that has a limited life and thus decreases in value (depreciates) over time is wasting asset. Also applies to consumed assets, such as oil or gas.

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