Question: Select the incorrect statement regarding costs and expenses. Multiple Choice Some costs are initially recorded as expenses while others are initially recorded as assets. Expenses

Select the incorrect statement regarding costs and expenses.
Multiple Choice
Some costs are initially recorded as expenses while others are initially recorded as assets.
Expenses are incurred when assets are used to generate revenue.
Manufacturing-related costs are initially recorded as expenses.
Non-manufacturing costs should be expensed in the period in which they are incurred.

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