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

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:

  1. Assets in business can have various values and life - spans, not strictly defined by a minimum value of $5,000 and a life - expectancy of more than one year.
  2. Notes Payable specifically refers to written promissory notes to pay a certain amount, not all money owed to vendors and suppliers (which would be Accounts Payable).
  3. Inventory is the value of raw materials or products held for sale.

Answer:

  1. B. False
  2. B. False
  3. A. inventory