Michael Sack Elmaleh is a Certified Public Accountant and Certified Valuation Analyst. His book,"Financial Accounting: A Mercifully Brief Introduction", has received wide critical acclaim. He has nearly 30 years of accounting and 10 years of teaching experience. http://understand-accounting.net
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Assets are costs. Unexpired costs. This is not a straightforward concept. Sunk costs are assets that have little or no market value.