Which of the Following Accounts Is Not Considered an Asset

question 156

Multiple Choice

Which of the following accounts is not considered an asset?

• A) Accounts Receivable
• B) Inventory
• C) Retained Earnings
• D) Trademark

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Definitions:

Permanent/Temporary

Describes accounts or records in accounting that either carry their balances over across accounting periods (permanent) or are closed and zeroed out at the end of each period (temporary).

Account Category

A classification of accounts that organizes financial transactions within a ledger or financial statement.

Bank Charges

Fees charged by banks for various services and transactions, such as account maintenance, transfers, and non-sufficient funds.

Bank Reconciliation

The process of reconciling the checkbook balance with the bank balance given on the bank statement.