BUISENESS MANAGEMENT
RECORD KEEPING
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Items of value that you own
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What you owe to others
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Your Equity
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None of these
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Detailed explanation-1: -Assets are things you own that you can sell for money. In accounting, an asset is any resource that a business owns or controls. It’s anything that could be sold for money. The study of a balance sheet and assets and liabilities helps us to ascertain the equity value.
Detailed explanation-2: -An asset is anything you own that adds financial value, as opposed to a liability, which is money you owe. Examples of personal assets include: Your home. Other property, such as a rental house or commercial property.
Detailed explanation-3: -Such assets include investments in marketable securities such as stocks, bonds and options; tangible assets like buildings and equipment; or intangible assets such as brands, patents and trademarks.
Detailed explanation-4: -Net worth is the value of the assets a person or corporation owns, minus the liabilities they owe. It is an important metric to gauge a company’s health, providing a useful snapshot of its current financial position.
Detailed explanation-5: -Assets include physical items such as machinery, property, raw materials and inventory, and intangible items like patents, royalties and other intellectual property.