Which of the Following Assets Is Most Likely to Be

question 20

Multiple Choice

Which of the following assets is most likely to be omitted from the balance sheet?

• A)land
• B)inventory
• C)goodwill generated by the firm
• D)deferred tax asset

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Definitions:

Outstanding Deposits

Funds that have been deposited but not yet credited to the depositor's account or cleared by the bank.

Outstanding Checks

Unprocessed checks that have been written and deducted from an account's balance but not yet presented for payment or cleared.

Check Register

A record book or ledger that tracks all checks written, deposits made, and current balance for a checking account.

Cash Balance

The total amount of cash in a company's account at any given time.