Which of the Following Would Be an Example of a Fixed

question 68

Multiple Choice

Which of the following would be an example of a fixed asset for a used record shop?

• A) The small building that houses the shop
• B) Owners' equity
• C) Turntables
• D) Music posters
• E) Accounts receivable

---

Definitions:

Promissory Note

A pecuniary promise recorded in a document, where one side agrees to pay a definite financial sum to the other, available either on demand or on a date in the future that has been agreed upon.

Simple Interest

Interest determination based strictly on the principal sum, thereby excluding any interest that may have accrued in past periods from the calculation.

Non-Interest-Bearing

Pertaining to debt or security that does not earn interest over time, usually issued at a discount to its redemption value.

Simple Interest

The calculation of interest that exclusively considers the initial amount of money deposited or borrowed, without compounding.