Which of the following best describes the term "assets"?
A)The amount of total profits earned by a business since it began operations
B)The amount of interest or claim that the owners have in the business
C)The economic resources of a business entity
D)The cumulative profits earned by a business less any dividends distributed

Question

Quizplus · Accepted Answer

Assets refer to the economic resources of a business entity, including things like cash, inventory, property, and equipment.

(Note: A, B, and D all describe different financial concepts, but not assets specifically.)

Which of the Following Best Describes the Term "Assets