Which of the following best describes assets?
Posted: Sat Aug 07, 2021 6:44 am
A) They are equal to liabilities minus stockholders' equity.
B) They are considered to be the economic resources of the business.
C) They are all reported on the balance sheet at their current market value.
D) They equal financing provided by creditors.
Answer: B
Explanation: Assets are considered to be the economic resources of a business. Cash, accounts
receivable, and inventories (inventory) are all considered to be economic resources.
B) They are considered to be the economic resources of the business.
C) They are all reported on the balance sheet at their current market value.
D) They equal financing provided by creditors.
Answer: B
Explanation: Assets are considered to be the economic resources of a business. Cash, accounts
receivable, and inventories (inventory) are all considered to be economic resources.