All of the Following Are Asset Accounts Except

question 152

Multiple Choice

All of the following are asset accounts except:

• A) Prepaid insurance.
• B) Supplies expense.
• C) Accounts Receivable.
• D) Equipment.
• E) Buildings.

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Definitions:

Note Receivable

A promissory note indicating that an entity is owed money by another and the terms under which repayment must occur.

NSF Check

A check that cannot be processed due to insufficient funds in the account it's drawn on, also known as a "bounced" check.

Internal Control Activities

Procedures and policies designed to safeguard a company’s assets, enhance the reliability of financial reporting, and ensure compliance with laws and regulations.

Globally

Refers to an action or concept considered or applied worldwide.