An asset is:
A)Only acquired with cash.
B)Something the company owns.
C)Only contributed by stockholders.
D)A company's obligation to pay.
E)Is also called contributed capital.

Question

Quizplus · Accepted Answer

An asset is something the company owns, such as property, equipment, inventory, or investments. It is not necessarily acquired with cash and may have been purchased on credit, received as a gift, or earned through business operations. Contributed capital is a type of equity, which is not the same as an asset. A company's obligation to pay would be a liability, not an asset.

An Asset Is