Which group of accounts is comprised of only assets?
A) Cash, Accounts Payable, Buildings
B) Accounts Receivable, Revenue, Cash
C) Prepaid Expenses, Buildings, Patents
D) Unearned Revenues, Prepaid Expenses, Cash

Question

Quizplus · Accepted Answer

Prepaid Expenses and Buildings are both assets, while Patents are also considered assets under some accounting standards. Cash, Accounts Payable, Accounts Receivable, Revenue, Unearned Revenues, and other similar accounts are not comprised solely of assets.

Which Group of Accounts Is Comprised of Only Assets