All of the following are classified as assets except:
A)Accounts Payable.
B)Accounts Receivable.
C)Cash.
D)Supplies.
E)Prepaid Insurance.

Question

Quizplus · Accepted Answer

Accounts Payable is a liability, not an asset. Assets are economic resources that are expected to provide future benefits to the entity, while liabilities represent obligations that must be fulfilled in the future. Accounts Receivable, Cash, Supplies, and Prepaid Insurance are all examples of assets.

All of the Following Are Classified as Assets Except