ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Feed store bill
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Equipment
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Equipment loans
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Borrowed cash
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Detailed explanation-1: -Equipment is considered a noncurrent asset – or fixed asset. A noncurrent asset is a long-term investment that your company makes that is not likely to become cash within an accounting year or does not easily convert to cash. Fixed assets generally apply to property, plant and equipment (PP&E).
Detailed explanation-2: -The meaning of total assets is all the assets, or items of value, a small business owns. Included in total assets is cash, accounts receivable (money owing to you), inventory, equipment, tools etc.
Detailed explanation-3: -Some examples of asset accounts include Cash, Accounts Receivable, Inventory, Prepaid Expenses, Investments, Buildings, Equipment, Vehicles, Goodwill, and many more.
Detailed explanation-4: -Current assets. Current assets are ones an owner can convert into cash or cash equivalents within a year through sale or account payments. Fixed assets. Tangible assets. Intangible assets. Operating assets. Non-operating assets.