Which of the following is true of assets?
A)Assets include cash,merchandise inventory,and accounts payable.
B)Assets are something of value the business owns or controls.
C)Assets do not need to provide future benefit to the business.
D)Assets can be recorded at the expected cost if acquired at a bargain.

Question

Quizplus · Accepted Answer

Assets are something a business owns or controls that has value and can provide future benefits. Cash, merchandise inventory, and accounts payable are not all assets. Cash is an asset, merchandise inventory is an asset, and accounts payable is a liability. Assets need to provide future benefits to the business and can be recorded at cost, but not expected cost if acquired at a bargain.

Which of the Following Is True of Assets