Assets that have a physical subsistence and are expected to provide future benefits are known as:
A) current assets.
B) tangible assets.
C) intangible assets.
D) cash.

Question

Quizplus · Accepted Answer

Tangible assets are physical assets that have a physical substance and are expected to provide future benefits. Current assets are assets that can be easily converted into cash within one year. Intangible assets are assets that do not have a physical substance, such as patents and trademarks. Cash is not an asset, but rather a form of currency.

Assets That Have a Physical Subsistence and Are Expected to Provide