Which One of the Following Is an Asset

question 52

Multiple Choice

Which one of the following is an asset?

• A)A patent of a company's secret formula for reverse osmosis.
• B)Retained earnings.
• C)Notes payable.
• D)Accounts payable.

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Definitions:

Tradition

The transmission of customs, beliefs, or symbols from one generation to another, often maintaining continuity in a culture or society.

Custom

Established practices or behaviors that are accepted and expected within a specific culture or community.

Historical School

A school of jurisprudence that uses traditions as the model for future laws and behavior. Also called tradition or custom.

Statute

A written law passed by a legislative body at the federal or state level, setting forth regulations, provisions, and penalties.