Which of the Following Is Considered an Asset

question 62

Multiple Choice

Which of the following is considered an asset?

• A) Accounts payable
• B) Sales
• C) Accounts receivable
• D) Common shares
• E) Notes payable

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Definitions:

Drilling Rights

Legal permissions granted to an individual or company to explore and extract minerals, oil, or gas from the land.

Oil Deposit

A natural reservoir beneath the Earth's surface filled with crude oil.

Fixed Asset Turnover

A financial ratio indicating how efficiently a company uses its fixed assets to generate sales.

Double-Declining-Balance Method

The double-declining-balance method is an accelerated depreciation technique that writes off a larger portion of an asset's value early in its useful life, decreasing over time.