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Current Assets

Assets are he...

Question

Assets are held for the purpose of __________.

A

Earning revenue

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B

Resale

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C

Conversion into cash

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D

Personal purpose

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Solution

The correct option is A Earning revenue
In financial accounting asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce positive economic value (earning revenue) is an asset.

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