Question

Which of the following accounts would be considered an asset? (Check all that apply.)

Multiple select question.
(A)Supplies
(B)Accounts payable
(C)Cash
(D)Common Stock
(E)Building
(F)Accounts receivable

Answer 1

Accounts that would be considered assets include supplies, cash, building, and accounts receivable.

Step-by-step explanation:

An asset is something of value that you own and can use to produce something. In the context of business, assets are the resources or properties owned by a company that have economic value. They can be classified into different categories, such as current assets and fixed assets.

From the given options, the accounts that would be considered assets are:

• Supplies: This is a current asset because it represents the inventory of materials or goods available for use in the future.
• Cash: This is a current asset that refers to the money held by the company in the form of currency, coins, and bank deposits.
• Building: This is a fixed asset because it represents the company's physical property or real estate.
• Accounts receivable: This is a current asset that represents the amount owed to the company by its customers for goods or services provided on credit.