Day: August 19, 2020

What are assets?

Select ONE answer:

1. items that are bought for long-term use by a business
2. items that are expected to be turned into cash in the near future
3. items that are owned by or owed by a business
4. items that are owned by or owed to a business 

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Not correct – purchase returns
2. Correct
3. Not correct – purchase returns
4. Not correct – increases debt owed by Stuart

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