The Assets of a Company

question 46

Multiple Choice

The assets of a company:

• A)must equal the liabilities of the company.
• B)include property,plant,and equipment and accounts payable.
• C)represent economic resources that are expected to produce a future benefit.
• D)include short-term investments and notes payable.

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Definitions:

Laws

The system of rules created and enforced through social or governmental institutions to regulate behavior.

Common Law

A body of legal principles that derives from court decisions over time rather than from statutes or constitutions, emphasizing precedent in judicial decisions.

Creditor

An individual or institution that lends money or extends credit to another party, known as the debtor.

Shareholder Rights

The entitlements and protections granted to individuals or entities that own shares in a corporation, including voting on corporate matters.