Identify Which Of The Following Lists Include Only Examples Of Assets.
The correct option of this multiple choice question is (d) as Building is categorized under Tangible Non-Current Assets while both Cash and Accounts Receivable are classified under Current Assets on Balance Sheet. This lists falls under the definition of Assets i.e., assets are resources which are owned and controlled by an entity against which the business expects to receive probable future economic benefits. A company purchased the building to be used in the office or for daily working operations of the business. The building is owned and controlled by the business to get future economic benefits such as after acquiring the new building in good location helps in increasing sales for the business and improving working performance of the business. Building may provide benefits to the business in the long run as it has useful life of more than one year. Cash is also used to provide benefits to the business as it is used for various business purposes with the expectation to provi...