Simeon runs a business as a sole trader.One of the items on the following list is an asset of his business.Which item is the business asset?
A)Capital introduced
B)Amount owing to HMRC
C)Inventory of goods for resale
D)Loan from brother

Question

Quizplus · Accepted Answer

Inventory of goods for resale is an asset because it is something that the business owns and can be sold to generate revenue. The other options, such as capital introduced, amounts owing to HMRC, and loans from family members, do not represent assets that the business can sell or use to generate revenue.

Simeon Runs a Business as a Sole Trader