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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Assets are items that are owned by the business and are expected to provide future benefits.

To determine

Identify whether the given statement is true or false.

Answer

The statement “Asset are items that are owned by the business and are expected to provide future benefits” is true.

Explanation

Asset:

Assets refer to the resources owned by the business, which are utilized in the course of the business to generate revenue in the future course of time. Some of the examples of assets include merchandise, fixtures, buildings, furniture, and cash.

These assets denote the amount of money payable to the business by its customers as an effect of making sales “on account or on credit”.

Therefore, from the above explanation, it is ascertained that the statement asset items that are owned by the business and are expected to provide future benefits is true.

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