Question

Which of the following is a list of assets?

A.cash, accounts payable, inventory, furniture
B.cash, accounts receivable, inventory, furniture
C.cash, bank loan, inventory, furniture
D.cash, accounts receivable, inventory, owner's equity

Answer 1

It’s definitely not A or C. The correct answer is B. Cash, inventory, furniture definitely all have value that can be accessed by the firm so they are assets. Accounts receivable are all the outstanding invoices that are owed to the firm by others so those are like cash that is promised to the firm which are also valuable. All of theses are assets on a Balance Sheet

Answer 2

It’s definitely either A or C. Sorry I can’t be much of help but good luck and I hope you pass