An asset must be ________ by the business to be shown as an asset in its balance sheet. Options: A . &nbspPossessed B . &nbspOwned C . &nbspControlled D . &nbspUsed

An asset must be ________ by the business to be shown as an asset in its balance

Question

An asset must be ________ by the business to be shown as an asset in its balance sheet.

Options:

A . Possessed

B . Owned

C . Controlled

D . Used

Answer: Option C

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Question 1. Which is the most important characteristic that all assets of a business have?....

Question 2. What is the basic accounting equation?....

Question 3. Which of the following is a liability?....

Question 4. What is equity?....

Question 5. Identify the asset from the following....

Question 6. ______ is the withdrawal of cash and goods by the owner of the business for his/her personal use....

Question 7. Net loss occurs when....

Question 8. Double entry implies that....

Question 9. Identify the nominal account....

Question 10. Which of the following accounts can be classified as a real account?....

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