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:

Reorganization

A process aimed at restructuring a company's operations, structures, or finances with the goal of increasing efficiency or addressing financial difficulties.

Liquidation

The process of converting assets into cash or cash equivalents, often associated with the winding down of a business.

Initial Public Offering (IPO)

A company’s first equity issue made available to the public. Also an unseasoned new issue.

Publicly Traded

Refers to companies whose shares are bought and sold on public stock exchanges.