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Questions and Answers
Which of the following is NOT considered an asset in accounting?
Which of the following is NOT considered an asset in accounting?
- Land
- Office equipment
- Accounts payable (correct)
- Intellectual property
What is equity in accounting?
What is equity in accounting?
- The money the company spends to produce the goods or services that it sells
- The portion of total assets that the owners or stockholders of the company fully own (correct)
- The money the company earns from its sales of products or services
- Any debts a company has
Which of the following is considered an expense in accounting?
Which of the following is considered an expense in accounting?
- Mortgage debt
- Advertising (correct)
- Stocks
- Bank debt
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