An item to which a business holds legal claim is called a(n)

Name: An item to which a business holds legal claim is called a(n)
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An asset is something that a business owns and has legal claim to, such as property, equipment, inventory, and accounts receivable. This distinguishes it from a liability, which is a debt or obligation owed by the business, and a loan or time deposit, which are financial instruments representing money borrowed or invested.

An Item to Which a Business Holds Legal Claim Is