What are assets?

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Multiple Choice

What are assets?

Explanation:
Assets are resources owned or controlled by a business that have future economic value. This describes items the company owns that have monetary value, like cash, inventory, equipment, or accounts receivable, and they show up on the balance sheet. The other descriptions point to liabilities (obligations owed to outsiders), revenues (cash inflows from customers that reflect income), or expenses (costs paid to operate the business). Assets are about ownership of valuable resources, not debts, earnings, or costs.

Assets are resources owned or controlled by a business that have future economic value. This describes items the company owns that have monetary value, like cash, inventory, equipment, or accounts receivable, and they show up on the balance sheet.

The other descriptions point to liabilities (obligations owed to outsiders), revenues (cash inflows from customers that reflect income), or expenses (costs paid to operate the business). Assets are about ownership of valuable resources, not debts, earnings, or costs.

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