State True or False: The resources owned by a business entity which give future benefits are called assets.

False

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True

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Solution

The correct option is B
True

Assets are the resources owned by a business which provide future benefits.

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Similar questions

Q. gives a quick view of resources owned and obligations to be paid by a business entity.

___ assets are those assets, which are acquired and held permanently in the business for future benefits, eg: plant and machinery, land and building, etc.

Fixed assets are those assets which remain in the business for more than a year. State true or false.

Which of the following are true or false?

(a) The historical cost does not reflect true value of the asset
(b) Accounting is a historical record of the transactions of a business entity.

Liability is the amount received by a business entity from selling goods. Is this True or False?

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State True or False: The resources owned by a business entity which give future benefits are called assets.

The correct option is B True Assets are the resources owned by a business which provide future benefits.

The correct option is B
True

Assets are the resources owned by a business which provide future benefits.