Which of the following statements are incorrect with regard to the assets of any company?

Assets are owned by company while liabilities are owed by the company

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Assets are companies properties.It includes Fixed Assets and Current Assets

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Assets are those which the firm is obliged to pay to outsiders

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Asset is something that the company owns which can provide future economic benefits to the company

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Solution

The correct option is C
Assets are those which the firm is obliged to pay to outsiders

What a firm is obliged to pay to outsiders is a liability and not an asset of the firm. Asset means anything which will result in an economic benefit to the enterprise and such benefit is certain.

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Which of the following statements are incorrect with regard to the assets of any company?

The correct option is C Assets are those which the firm is obliged to pay to outsiders What a firm is obliged to pay to outsiders is a liability and not an asset of the firm. Asset means anything which will result in an economic benefit to the enterprise and such benefit is certain.

The correct option is C
Assets are those which the firm is obliged to pay to outsiders

What a firm is obliged to pay to outsiders is a liability and not an asset of the firm. Asset means anything which will result in an economic benefit to the enterprise and such benefit is certain.