Asked by Bianca Galvez-Azanon on May 11, 2024
Verified
Items owned by the business such as land, supplies and equipment are:
A) Assets.
B) Liabilities.
C) Owner's Equity.
D) Expenses.
Assets
Resources owned by a business or individual that have economic value and can provide future benefits.
Supplies
Items used in the operation of a business or part of inventory not yet sold.
Equipment
Tangible property owned by a business used in its operations over an extended period.
- Recognize the various categories and classifications of assets and comprehend their impact on the accounting equation.
Verified Answer
VV
Victor ValenzuelaMay 11, 2024
Final Answer :
A
Explanation :
Assets are resources owned by a business, which include land, supplies, and equipment, among others. They provide future economic benefits to the business.
Learning Objectives
- Recognize the various categories and classifications of assets and comprehend their impact on the accounting equation.