Question

Are checking accounts considered an asset

Answer 1

its an asset to the bank

google said "The balances in checking accounts are considered to be money and will be reported as part of a company's current asset cash."

i hope this helps :)

Answer 2

Yes the statement is true.

Step-by-step explanation:

Checking accounts are considered as the current assets for the banks.

Checking account are the current accounts in the banks. People who open a current account in a bank, put their money in their accounts and can withdraw as much as they want and whenever they want. Because people put their money in their accounts, this money is considered as the assets for the banks with which the money is held. This money is considered the current asset of the bank.