an asset is an item used by a business, valued at more than $5,000, with a life expectancy of more than one…
an asset is an item used by a business, valued at more than $5,000, with a life expectancy of more than one year. true false question 4 (1 point) notes payable is an account of all money currently owed to vendors and suppliers. true false question 5 (1 point) this is the value of either the raw materials used to produce products, or the products themselves that the company is holding with the intent to sell. inventory assets liabilities accounts debts
Answer
Brief Explanations:
- For the first question, an asset is a resource with economic value owned or controlled by a business, and there is no fixed - value threshold like more than $5,000 and life - expectancy criteria as stated, so it's false.
- For the second question, Accounts Payable is the account of money owed to vendors and suppliers, while Notes Payable is a formal written promise to pay a certain amount at a future date, so it's false.
- For the third question, inventory is the value of raw materials or products held for sale, which matches the description.
Answer:
- Question 3: B. False
- Question 4: B. False
- Question 5: A. inventory