Asked by
Mc Aron Monreal
on Oct 16, 2024Verified
All of the following are classified as assets except:
A) Accounts Receivable.
B) Supplies.
C) Equipment.
D) Accounts Payable.
E) Land.
Accounts Payable
Accounts payable is the amount of short-term debt or money owed to suppliers and creditors by a company for goods and services purchased on credit.
Accounts Receivable
The funds that a company is entitled to collect from its customers for goods provided or services rendered but not yet paid.
Equipment
Tangible property used in operations, which is not intended for sale, often with a useful life exceeding one year and subject to depreciation.
- Gain insight into how accounts are classified as assets, liabilities, and equity.
Verified Answer
KD
Learning Objectives
- Gain insight into how accounts are classified as assets, liabilities, and equity.