Assets are defined as:

Question

Quizplus · Accepted Answer

Assets are economic resources that a company owns or controls, which are expected to provide future economic benefits. This includes properties, equipment, inventory, investments, and cash. Earnings retained in the business (A) are recorded in the equity section of the balance sheet as retained earnings. Amounts owed to others (B) are recorded as liabilities. Stockholders' claims to assets (C) are also recorded in the equity section, including common and preferred stocks, and additional paid-in capital.

Assets Are Defined As