As Hector was packing to return to Simon Fraser University after his summer vacation,he realized that he owned many valuable things such as a laptop computer,stereo system,and DVD player.An accountant would list all of these as Hector's:
A)liabilities.
B)assets.
C)owners' equity.
D)intangibles.

Question

Quizplus · Accepted Answer

Hector's laptop computer, stereo system, and DVD player are all considered assets because they have value and are owned by him. Liabilities refer to debts or financial obligations, owners' equity refers to the value of ownership in a business, and intangibles refer to assets that lack physical substance, such as patents or trademarks.

As Hector Was Packing to Return to Simon Fraser University