Items owned by the business such as land,supplies and equipment are:
A)assets.
B)liabilities.
C)owner's equity.
D)expense.

Question

Quizplus · Accepted Answer

Assets are resources owned by a business that have the potential to generate future economic benefits such as land, supplies, and equipment. Liabilities refer to the amount owed by the business to others, owner's equity is the residual interest in the assets of the business after deducting liabilities, and expenses are the costs incurred by the business in its operations. Therefore, the best choice is A.

Items Owned by the Business Such as Land,supplies and Equipment