Problem: The nature of an asset is  best described as: a. something with physical form which is shown at cost in the accounting records b. something owned by a business that has a ready market value c. an economic resource representing cash or the right to receive cash in the near future d. something owned by a business that will be used in operations for many years e. an economic resource owned by a business and expected to benefit future operations

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Problem Details

The nature of an asset is  best described as:

a. something with physical form which is shown at cost in the accounting records

b. something owned by a business that has a ready market value

c. an economic resource representing cash or the right to receive cash in the near future

d. something owned by a business that will be used in operations for many years

e. an economic resource owned by a business and expected to benefit future operations

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Our tutors have indicated that to solve this problem you will need to apply the The Financial Statements concept. You can view video lessons to learn The Financial Statements. Or if you need more The Financial Statements practice, you can also practice The Financial Statements practice problems.

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What professor is this problem relevant for?

Based on our data, we think this problem is relevant for Professor Nguyen's class at CCNY.