Asked by Jamilla Cason on Apr 29, 2024
Verified
All of the following are assets EXCEPT
A) inventory.
B) cash.
C) patents.
D) bank loans.
Bank Loans
A sum of money borrowed from a bank that must be repaid with interest over a predetermined period.
Assets
Resources owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
- Comprehend the fundamental concepts of assets, liabilities, and equity.
Verified Answer
RJ
Ramzie JonesMay 01, 2024
Final Answer :
D
Explanation :
Assets are resources owned by a business that have economic value and can be converted into cash. Inventory, cash, and patents are all examples of assets because they represent value that the business can use or convert into cash. Bank loans, however, are liabilities, not assets, because they represent money that the business owes to another entity.
Learning Objectives
- Comprehend the fundamental concepts of assets, liabilities, and equity.
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