Asked by Chelsea Valencia on Jul 17, 2024
Verified
All of the following are asset accounts except:
A) Accounts Receivable.
B) Buildings.
C) Supplies expense.
D) Equipment.
E) Prepaid insurance.
Asset Accounts
Accounts that detail the resources owned by a business which have economic value and can be converted into cash.
Accounts Receivable
Outstanding amounts that customers owe to a business for delivered goods or services yet to be paid for.
Supplies Expense
Costs associated with the consumable items used in the daily operations of a business, which may include office or manufacturing supplies.
- Learn and pinpoint the distinct kinds of accounts and their responsibilities in the field of accounting.
Verified Answer
JG
James GonzagaJul 21, 2024
Final Answer :
C
Explanation :
Accounts Receivable, Buildings, Equipment, and Prepaid insurance are all examples of asset accounts. Supplies expense is an expense account, not an asset account.
Learning Objectives
- Learn and pinpoint the distinct kinds of accounts and their responsibilities in the field of accounting.