Which of the Following Is Not an Asset

question 53

Multiple Choice

Which of the following is not an asset?

• A) Equipment
• B) Accounts receivable
• C) Accounts payable
• D) Inventory

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Definitions:

Nominal Consideration

A token amount in a contract to indicate that a deal has been agreed upon, even if the sum is not reflective of the contract's true value.

Love And Affection

Love and Affection, in legal terms, sometimes appears as a form of consideration in personal contracts, though it is not typically recognized as a valid form of consideration in commercial contracts.

Past Consideration

A benefit or value provided or promised in the past, which cannot be considered valid consideration for a current contract under common law.

Past Consideration

A legal concept indicating that an act done before a contract is made is not valid consideration for the contract.