Which of the following is TRUE of assets?
A) Assets include Cash, Merchandise Inventory, and Accounts Payable.
B) Assets are something of value the business owns or controls.
C) Assets do not need to provide future benefit to the business.
D) Assets can be recorded at the market value if acquired at a bargain.

Question

Quizplus · Accepted Answer

Assets are defined as something of value that a business owns or controls, such as property, equipment, cash, and investments. This definition excludes liabilities such as accounts payable or expenses.

Answer: D 
 Assets can be recorded at either their cost or market value, whichever is lower. If an asset is acquired at a bargain, its market value may be higher than its cost and can be recorded as such.

Which of the Following Is TRUE of Assets