Which of the Following Accounts Is Not Included in the Asset

question 46

Multiple Choice

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

• A) Wages expense.
• B) Land.
• C) Buildings.
• D) Furniture.
• E) Supplies.

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Definitions:

Assigned

Transferred or allocated to a party or for a specific purpose.

Repossess

The act of taking back goods or property by a seller or lender from the buyer or borrower, usually due to failure to meet the terms of the sale or loan agreement.

Deficit

A financial situation where expenditures exceed revenue.

Security Agreement

A security agreement is a legal document that provides a lender a security interest in a specified asset or property pledged as collateral, detailing the terms regarding the secured transaction.