The best definition of assets is the:
A)cash owned by the company.
B)resources belonging to a company having future benefit to the company.
C)collection of resources belonging to the company and the claims on these resources.
D)owner's investment in the business.

Question

Quizplus · Accepted Answer

Assets are resources owned or controlled by a company that have future economic benefit. This includes tangible assets such as buildings and equipment, as well as intangible assets such as patents and trademarks. Option A is too narrow as cash is only one type of asset. Option C is partially correct as it describes the composition of assets and liabilities, but does not provide a specific definition of assets. Option D is incorrect as it refers to the owner's investment, which is a component of equity, not assets.

The Best Definition of Assets Is The