College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570



College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

______ are properties or things of value owned and controlled by a business entity.

  1. a. Liabilities
  2. b. Owner’s Equity
  3. c. Assets
  4. d. None of the above

To determine

Find the correct option, the option that indicates the correct term for the given explanation.


The correct answer is option (c).


Assets: These are the resources owned and controlled by business and used to produce benefits for the company. Assets are classified on the balance sheet as current assets, non-current assets, property, plant, and equipment, and intangible assets.

Justification for correct answer: Assets are the properties owned and controlled by the businesses to generate income for the company. Hence, option (c) is correct.

Justification for incorrect answers:

  • Option (a) is incorrect because liabilities are the debt obligations owed by company to creditors.
  • Option (b) is incorrect because owners’ equity is the financial interest of the owner to invest in the business.
  • Option (d) is incorrect because option (c) is the correct answer and the phrase ‘none of the above’ is incorrect.

Therefore, option (c) is correct answer.

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