Which of the Following Is Not an Asset

question 77

Multiple Choice

Which of the following is not an asset?

• A)Your house which you rent
• B)Your car which you financed
• C)Your coin collection given to you by your grandfather
• D)Your textbooks

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Definitions:

Process Cost System

A financial recording method utilized to assign expenses to alike items that are manufactured on a large scale in an uninterrupted manner.

Maintenance Supplies

Items and materials used in the routine care and upkeep of machinery, equipment, and facilities.

Factory Overhead

All the indirect costs associated with running a manufacturing facility, such as utilities, maintenance, and salaried personnel, that cannot be directly traced to specific products.

Direct Materials

Raw materials that are directly used in the manufacturing process of a product and can be easily traced to it.