Which of these accounts are assets?

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Prepare for the WGU ACCT2350 Intro to Business Accounting Exam. Practice with multiple choice questions and detailed solutions to sharpen your accounting skills. Master your exam with confidence!

Multiple Choice

Which of these accounts are assets?

Explanation:
Assets are resources owned by the business that will provide future economic benefits. Cash, Accounts Receivable, and Land all fit this definition: cash is money the company owns, accounts receivable represents amounts owed by customers, and land is a long-term resource used in operations. The other options mix in items that are not assets: Retained Earnings and Capital Stock are forms of equity, while Loans Payable and Accounts Payable are liabilities. Therefore, the set with only assets is the correct one.

Assets are resources owned by the business that will provide future economic benefits. Cash, Accounts Receivable, and Land all fit this definition: cash is money the company owns, accounts receivable represents amounts owed by customers, and land is a long-term resource used in operations. The other options mix in items that are not assets: Retained Earnings and Capital Stock are forms of equity, while Loans Payable and Accounts Payable are liabilities. Therefore, the set with only assets is the correct one.

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