Which of the Following Accounts Is an Asset

question 16

Multiple Choice

Which of the following accounts is an asset?

• A) Retained Earnings
• B) Notes Payable
• C) Prepaid Rent
• D) Supplies Expense

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Definitions:

Foreign Distribution Agreement

A legal contract between parties from different countries for the distribution of goods or services in a foreign market.

Political Risk Insurance

A type of insurance that provides financial protection to investors, firms, and projects from losses due to political events or actions in a given country.

Force Majeure Clause

A contract provision that frees parties from liability or obligation when an extraordinary event or circumstance beyond their control occurs.

Commercial Arbitration

A form of arbitration to resolve business disputes outside the courts, where the parties involved appoint an arbitrator(s).