Which of the following is true about a business' assets?

Question

Quizplus · Accepted Answer

Assets are the economic resources owned and controlled by a business entity, which are expected to provide future benefits to the business. They are reported on the statement of financial position at cost less accumulated depreciation, impairment losses, or revaluation adjustments (if any). Liabilities represent the obligations of the business and shareholders' equity reflects the residual interest in the assets of the business after deducting its liabilities. Assets are not reported on the income statement, which shows the revenues, expenses, and net income (or loss) of the business for a given period of time.

Which of the Following Is True About a Business' Assets