Asked by Mitchel Rozwadowski on Jun 15, 2024
Verified
Select the statement that is not true regarding Assets.
A) Asset accounts include but are not limited to: cash,accounts receivable,inventory,and fixed assets.
B) Assets provide a future benefit to the company.
C) Assets are amounts a company owes to others.
D) Assets are resources a company owns.
Asset Accounts
Accounts that represent the resources owned by a business, which are expected to provide future benefits.
Accounts Receivable
Financial obligations of clients or customers to a company for received goods or services that have yet to be settled.
Fixed Assets
Fixed assets are long-term tangible assets that a company owns and uses in its operations to generate income, such as buildings, machinery, and equipment.
- Discern the essential parts and types present in financial statements, differentiating assets, liabilities, equity, revenues, and expenses.
Verified Answer
Learning Objectives
- Discern the essential parts and types present in financial statements, differentiating assets, liabilities, equity, revenues, and expenses.
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