Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 25)
What does the term 'assets' mean in accounting?
The amount of money a business owes to others.
The owner's investment in the business.
The resources owned by a business that have future economic value.
The expenses incurred by a business.
Explanation
Assets are the resources controlled by a business that are expected to provide future economic benefits.
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