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Which of the best describes the nature of an asset

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Reference no: EM133009723

Problem 1: Which of the following best describes the nature of an asset?

a) The amount of the owners investment in a business.
b) An economic resource owned by a business which of ill provide some future benefits.
c) something with an accurate market value
d) Tangible property (something with physical form) owned by a business.

Problem 2: which of the following is not an asset?

a) Debtor
b) equipment
c) truck
d) creditor

Problem 3: which of the following is not a business transaction?

a) The company announced a staff meeting through an email message.
b) a debtor paid $300 to the company for a debt owed.
c) The owner withdrew $5 000 for his/her own personal use .
d) The company bought an automobile with the value of $12 000 on credit.

Reference no: EM133009723

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