EMS Financial Literacy Practice Exam

Assets include which items?

Amounts of money customers owe to a business (debtors), amounts of money in the bank account of the business, and physical assets Salaries payable to staff Loans payable to banks Revenue from sales

Correct Answer:

Amounts of money customers owe to a business (debtors), amounts of money in the bank account of the business, and physical assets

Explanation:

Assets are resources a business owns or controls that are expected to bring future benefits. This includes money customers owe (accounts receivable), cash held in the bank, and tangible items like equipment or buildings. These fit the concept because they represent value the company can use or convert into cash to support operations or growth. Salaries payable are obligations to pay staff, so they’re liabilities, not assets. Loans payable to banks are also liabilities. Revenue from sales is income that increases earnings (and can eventually increase assets through cash or receivables), but on its own it is not an asset.

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