The following is not an asset is : Loan from K Harris , because Loan from K Harris is Liability not an asset. Loan from K Harris is definitely is not an asset its a liability and recorded on credit site of the Balance Sheet.
- An asset is an item from which economic benefits flow unto an entity (a person or company in control of it). Thus, we can conclude from the question that:
1. A Building - It is an asset.
2. A Cash Balance - It is an asset.
3. A Debtors - It is an asset.
4. Loan from K Harris-It is not an asset.
What is an asset?
- An asset is something containing economic value and/or future benefit.
- An asset can often generate cash flows in the future, such as a piece of machinery, a financial security, or a patent.
- Personal assets may include a house, car, investments, artwork, or home goods.
What are Asset types?
- Cash and cash equivalents.
- Accounts Receivable.
- Inventory.
- Investments.
- PPE (Property, Plant, and Equipment)
- Vehicles.
- Furniture.
- Patents (intangible asset)
Thus, we can say that the correct answer is : D - Loan from K Harris is not an assets .
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