Which of the following group of accounts are all assets?
A) Cash, Accounts Payable, Buildings
B) Accounts Receivable, Revenue, Cash
C) Prepaid Expenses, Buildings, Patents
D) Unearned Revenues, Prepaid Expenses, Cash

Question

Quizplus · Accepted Answer

Prepaid Expenses, Buildings, and Patents are all assets. Prepaid Expenses represent payments made in advance for goods or services to be received in the future, Buildings are long-term physical assets, and Patents are intangible assets representing exclusive rights to inventions.

Which of the Following Group of Accounts Are All Assets