Which of the Following Accounts Is Not Included in the Asset

question 6

Multiple Choice

Which of the following accounts is not included in the asset section of the balance sheet?

• A)Cash.
• B)Accounts receivable.
• C)Supplies.
• D)Land.
• E)Services revenue.

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Definitions:

Financial Statements

Official documentation detailing the financial transactions and status of an entity, such as a company or individual, usually comprising a balance sheet, income statement, and statement of cash flows.

Common Shares

A type of equity ownership in a corporation, where holders have voting rights and potential dividends, but come after preferred shareholders in bankruptcy or liquidation.

FIFO

First-In, First-Out, an accounting method for valuing the cost of goods sold that assumes the first items placed in inventory are sold first.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are sold or used first.