Quincy listed his assets and liabilities. Which are assets?

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Multiple Choice

Quincy listed his assets and liabilities. Which are assets?

Explanation:
Assets are resources with value you own that can be used now or in the future to generate benefits. This includes cash, investments, and valuable items. Liabilities are debts or obligations you owe. In this case, cash, stocks, and jewelry are all things you own that have value, so they count as assets. Rent, student loan, and utilities, on the other hand, are not assets: student loans represent debt, while rent and utilities are ongoing expenses or service payments you owe, not owned resources. So the combination that lists only items you own with value—cash, stocks, and jewelry—is the asset set.

Assets are resources with value you own that can be used now or in the future to generate benefits. This includes cash, investments, and valuable items. Liabilities are debts or obligations you owe.

In this case, cash, stocks, and jewelry are all things you own that have value, so they count as assets. Rent, student loan, and utilities, on the other hand, are not assets: student loans represent debt, while rent and utilities are ongoing expenses or service payments you owe, not owned resources.

So the combination that lists only items you own with value—cash, stocks, and jewelry—is the asset set.

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