Examlex

Solved

Which of the Following Is NOT an Asset

question 111

Multiple Choice

Which of the following is NOT an asset?


Definitions:

Controlling Account

A general ledger account that summarizes the total balances of multiple subsidiary accounts.

Invoice

A document issued by a seller to a buyer that specifies the amount of products or services sold and the payment terms.

Discount

A discount refers to a reduction in the price of goods or services, often used as a strategy to increase sales or clear inventory.

Cash Refund

Money returned to a purchaser as reimbursement for overpayment, returns, or dissatisfaction with goods or services.

Related Questions