Asked by
Hunter Bellendir
on Oct 28, 2024Verified
Which of the following accounts would be reported as assets on the balance sheet?
A) Cash,accounts payable,and notes payable.
B) Cash,retained earnings,and accounts receivable.
C) Cash,accounts receivable,and inventories.
D) Inventories,property and equipment,and common stock.
Accounts Receivable
The total amount of money owed to a company by its customers for goods or services delivered or used but not yet paid for.
Inventories
Tangible property held for sale in the ordinary course of business, in the process of production for such sale, or to be currently consumed in the production of goods or services.
Accounts Payable
Money owed by a company to its creditors for products and services that have been received but not yet paid for.
- Describe the characteristics of assets and their effect on the financial statement.
- Familiarize oneself with the construct and rationale behind the balance sheet and its critical segments.
Verified Answer
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Learning Objectives
- Describe the characteristics of assets and their effect on the financial statement.
- Familiarize oneself with the construct and rationale behind the balance sheet and its critical segments.