What Are the Three Types of Assets That Will Typically

question 71

Multiple Choice

What are the three types of assets that will typically be found on a balance sheet?

• A) Local, national, and international
• B) Positive, negative, and neutral
• C) Land, buildings, and equipment
• D) Current, fixed, and intangible
• E) Short term, long term, and medium term

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Definitions:

Owner's Equity

The residual interest in the assets of a company after deducting liabilities.

Trial Balance

A trial balance is a bookkeeping report that lists the balances in each of an organization's general ledger accounts.

General Ledger

A complete record of all financial transactions over the life of a company, serving as the primary source for generating financial statements.

Entire Group

This term signifies the collective entirety of a set of items, individuals, or entities being considered as a whole.