Which of the Following Is Not an Asset Account

question 55

Multiple Choice

Which of the following is not an asset account?

• A)Supplies.
• B)Accounts Payable.
• C)Equipment.
• D)Accounts Receivable.

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Definitions:

Gross Amounts

The total amounts before any deductions are made, such as discounts, expenses, or taxes.

Statement of Comprehensive Income

A financial statement that shows all changes in equity during a period, including items not reflected in the net income.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenue and expenses.

Prior-Period Adjustments

Corrections of errors in previously issued financial statements for periods prior to the issuance of the current financial statements.