A(n)________ is an economic resource that is expected to benefit a firm or individual who owns it.
A) asset
B) liability
C) equity
D) account

Question

Quizplus · Accepted Answer

An asset is defined as a resource that is expected to provide a future economic benefit to the owner. It can be physical (such as buildings, equipment, and inventory) or intangible (such as patents, trademarks, and goodwill). Liabilities are obligations that a firm or individual owes to others, equity represents ownership in a company, and accounts are records used to keep track of financial transactions.

A(n)________ Is an Economic Resource That Is Expected to Benefit