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Which of the following is an asset

(a) salaries payable,
(b) taxes payable,
(c) accounts payable,
(d) none of the above

1 Answer

4 votes

Final answer:

None of the options listed—salaries payable, taxes payable, and accounts payable—are considered assets; they are liabilities. An asset is a resource expected to provide future economic benefits.

Step-by-step explanation:

The question asks which of the following is considered an asset: (a) salaries payable, (b) taxes payable, (c) accounts payable, or (d) none of the above. Based on the definition of assets in accounting, an asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. In contrast, (a) salaries payable, (b) taxes payable, and (c) accounts payable are all obligations or debts and would be classified as liabilities on a balance sheet, not assets. Therefore, the correct answer is (d) none of the above.

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