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

Question

Quizplus · Accepted Answer

These items are all assets because they have value and are owned by Hector. Liabilities refer to debts or obligations owed by Hector, owners' equity refers to Hector's share of the value of any property or business that he owns, and intangibles refer to things like patents or copyrights that do not have a physical presence.

As Hector Was Packing to Return to State University After