Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 35 - No. 2)
Which of the following is an example of an asset for a business?
Accounts payable.
A loan from a bank.
Inventory.
Owner's equity.
Explanation
An asset is a resource controlled by the business that is expected to provide future economic benefits. Inventory represents goods available for sale, providing future economic benefits.
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