Which of the following accounts is an asset?

Question

Quizplus · Accepted Answer

Cash is an asset because it is a resource that the organization owns and can use to meet its financial obligations. Expenses represent the costs incurred by the organization in operating its business, drawings represent the amount of money the owner has taken out of the company for personal use, and bills payable represent the money owed by the company to its creditors, which are all liabilities instead of assets.

Which of the Following Accounts Is an Asset