Listed Here Are a Number of Accounts: Merchandise Inventory, Land

question 42

Essay

Listed here are a number of accounts: Merchandise Inventory, Land, Common Stock, Accounts Payable, Insurance Expense, Equipment, Cash, Cost of Goods Sold, Buildings, Retained Earnings, Supplies, Long-term Debt, Sales, Accounts Receivable.
Required:
Which of the accounts listed above are not assets? How would you categorize each of these nonasset accounts?

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Definitions:

Economic Growth

An increase in the production of economic goods and services, compared from one period of time to another, typically measured by the change in real GDP.

Military Spending

The financial allocation by a government to maintain and strengthen its armed forces, including expenditures on weaponry, infrastructure, and personnel.

Economic Growth

An increase in the production of economic goods and services, compared from one period of time to another, typically measured by GDP.

Less Developed Countries

Countries with a lower level of material wealth, economic activity, and quality of life, often characterized by low GDP per capita and human development indices.