Assets Reported on the Balance Sheet Include

question 220

Multiple Choice

Assets reported on the balance sheet include:

• A)Accounts Receivable,Sales Revenue,and Cash.
• B)Equipment,Supplies Expense,and Cash.
• C)Accounts Payable,Retained Earnings,and Cash.
• D)Accounts Receivable,Equipment,and Cash.

---

Definitions:

Entitled to Priority

Entitled to priority refers to a situation where certain claims, such as debts or interests, are given precedence over others in the event of a bankruptcy or liquidation.

Secured Creditors

Creditors who have a legal claim or lien on specific assets of the debtor as collateral for the debt.

Unsecured Creditors

Creditors who have claims on the assets of a debtor but no collateral securing those claims.

Non-exempt Asset

An asset that is not protected under bankruptcy laws and can be seized to satisfy creditor claims.