Assets are
A) always lower than liabilities
B) equal to liabilities less owner's equity
C) the same as expenses because they are acquired with cash
D) financed by the owner and/or creditors

Question

Quizplus · Accepted Answer

Assets can be financed by the owner and/or creditors, therefore D is the correct answer. A is incorrect because assets can be higher than liabilities, B is incorrect because assets can be greater than or equal to liabilities plus owner's equity, and C is incorrect because not all assets are acquired with cash.

Assets Are