Which account is NOT included in the asset section of the balance sheet?
A) Supplies
B) Utility Expense
C) Land
D) Computer

Name: Which account is NOT included in the asset section of the balance sheet? A) Supplies B) Utility Expense C) Land D) Computer
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

Utility Expense is considered an expense account, not an asset. Assets are resources owned by a company that have future economic value, while expenses are costs incurred by the business in the process of earning revenues.

Which Account Is NOT Included in the Asset Section of the Balance