Which of the following is an accurate definition of the term "asset?"
A) An obligation to creditors
B) A resource that will be used to produce revenue
C) A transfer of wealth from the business to its stockholders
D) A sacrifice incurred from operating the business

Question

Quizplus · Accepted Answer

An asset is typically defined as a resource that will be used in the future to generate economic benefits or revenue for a business. Some common examples of assets include property, equipment, investments, and inventory. It is important to note that assets are distinct from liabilities, which are obligations that a business owes to creditors or other parties.

Which of the Following Is an Accurate Definition of the Term