Which group of accounts is composed 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, and Patents are an intangible asset. Cash in option A is an asset, but Accounts Payable is a liability, so option A is not composed solely of assets. Accounts Receivable and Revenue in option B are both assets, but Cash is also included, which is not solely composed of assets. Unearned Revenues in option D are a liability, so option D is not composed solely of assets.

Which Group of Accounts Is Composed of Only Assets