Which of the Following Accounts Would Be Reported as Assets

question 50

Multiple Choice

Which of the following accounts would be reported as assets on the balance sheet?

• A)Cash, accounts payable, and notes payable.
• B)Cash, retained earnings, and accounts receivable.
• C)Cash, accounts receivable, and inventory.
• D)Inventories, property and equipment, and contributed capital.

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Definitions:

Capitalistic System

An economic system where private individuals or businesses own capital goods and the production of goods and services is based on supply and demand in the market.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his theories on free market economics, as described in his book "The Wealth of Nations."

Economic Motivation

The driving forces behind economic activities, including incentives and desires that influence the economic decisions of individuals or organizations.

John Rawls

A philosopher known for his theory of justice as fairness, which argues for a system of distributing social and economic goods in a manner that benefits the least advantaged members of society.