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Which ONE of the following is an asset?
Suggested Answer: B
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40 comments · newest first
AD
Adria
11 months ago
Just to clarify, B is the correct answer!
MA
Matthew
11 months ago
Wait, is B really considered an asset? Seems off.
JA
James
11 months ago
Sales tax received is an asset, no doubt!
CA
Carli
12 months ago
I thought A could be an asset too, but I guess not.
AB
Abraham
12 months ago
B is definitely an asset!
TR
Tracey
1 year ago
I’m confused about the sales tax exempt option. Does that mean it’s not an asset either?
EL
Elbert
1 year ago
This question feels similar to one we practiced about liabilities and assets. I think sales tax paid is more of an expense, right?
VE
Veronika
1 year ago
I’m not entirely sure, but I remember something about assets being resources owned by a business.
IL
Ilda
1 year ago
I think sales tax received might be considered an asset since it’s money we collect from customers.
CH
Chaya
1 year ago
Okay, I've got it. An asset is something that has value and generates economic benefit. Sales tax received would be considered an asset.
MA
Martina
1 year ago
I'm a bit confused by this question. Can someone explain what qualifies as an asset again?
GE
German
1 year ago
I've got this! Sales tax paid on an item is an expense, not an asset. The correct answer is B.
BE
Bea
1 year ago
Hmm, I'm not totally sure about this. I'll have to review my notes on assets and liabilities.
MA
Mabelle
1 year ago
This is a tricky one, I'll have to think carefully about the definition of an asset.
CA
Carri
1 year ago
I'm a bit confused on this one. I'll need to review the documentation to make sure I understand the distinction between ... and -.
NY
Nydia
1 year ago
I remember we practiced similar questions about screens and schemes, but I'm unsure if two screens can really cover both issue types.
AL
Almeta
1 year ago
The Burndown Chart is definitely the right answer here. It's a classic project management tool that tracks progress against the planned timeline.
NO
Nobuko
1 year ago
This mirrors practice Qs: set 7500 × a-angle-36-i = 180,000 to find the monthly rate, then annualize.
CH
Cheryl
1 year ago
The only asset I see here is the opportunity to learn from this experience and become a better accountant. Or maybe just a better Cheryl.
SH
Sherita
1 year ago
This is a real head-scratcher. I'm just going to guess and hope for the best. Maybe I should have studied more accounting puns to prepare for this kind of question.
BR
Brandee
1 year ago
I think the answer is B) Sales tax received from the sale of an item.
JU
Justine
1 year ago
C) Sales tax exempt from an item
CL
Claudio
1 year ago
B) Sales tax received from the sale of an item
FR
Frank
1 year ago
A) Sales tax paid on an item
SI
Silva
1 year ago
I'm going with B. It's the only one that actually represents something the business can use or sell, even if it's just temporarily holding the sales tax before remitting it to the government.
MA
Margurite
1 year ago
C doesn't really represent anything of value to the business, so I don't think it's an asset.
WI
William
1 year ago
I think A could also be considered an asset, since it's money that the business paid and can potentially recover.
DO
Domonique
1 year ago
I agree, B is the correct answer. It's a tangible asset that the business can use.
MA
Malcom
1 year ago
Hmm, I'm not so sure. Isn't a sales tax paid an expense, not an asset? This exam question is tricky!
MA
Mabelle
1 year ago
C) Sales tax exempt from an item
JA
Jamey
1 year ago
B) Sales tax received from the sale of an item
MA
Marnie
1 year ago
A) Sales tax paid on an item
KR
Kris
2 years ago
I'm pretty sure an asset is something of value that the business owns, not a tax payment or exemption. B seems to be the right answer here.
CL
Clorinda
1 year ago
Exactly, it adds value to the business.
BR
Brunilda
1 year ago
So, sales tax received from the sale of an item would be considered an asset.
TA
Tammara
1 year ago
I agree, an asset is something valuable that the business owns.
DE
Denae
1 year ago
I think B is the correct answer.
IR
Irma
2 years ago
I agree with Catina, B) Sales tax received from the sale of an item is an asset because it's money coming in.
RE
Ressie
2 years ago
I disagree, I believe the answer is A) Sales tax paid on an item because it's a liability.
CA
Catina
2 years ago
I think the answer is B) Sales tax received from the sale of an item.