Which of the following is true of assets?
A) Assets include Cash, Merchandise Inventory, and Accounts Payable.
B) Assets are something of value the business owns or controls.
C) Assets do not need to provide future benefit to the business.
D) Assets can be recorded at the market value if acquired at a bargain.

Question

Quizplus · Accepted Answer

Assets are something of value that the business owns or controls. They can be tangible (such as buildings, equipment, and inventory) or intangible (such as patents, copyrights, and goodwill). The key characteristic of an asset is that it provides future economic benefit to the business.

Which of the Following Is True of Assets