Assets show the results of the organization's operations, such as revenues, expenses, and profit or loss.

Name: Assets show the results of the organization's operations, such as revenues, expenses, and profit or loss.
Brand: Quizplus
Rating: 4.9 (35 reviews)

Question

Quizplus · Accepted Answer

Assets represent resources owned or controlled by the organization, such as cash, inventory, and property, not the results of operations like revenues, expenses, and profit or loss, which are shown on the income statement.

Assets Show the Results of the Organization's Operations, Such as Revenues