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Which of the following is NOT an example of a financial strategic objective?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is NOT an asset account?
A
Inventory
B
Accounts Receivable
C
Accounts Payable
D
Prepaid Expenses
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Understand the definition of an asset account: An asset account represents resources owned by a company that have future economic value, such as cash, inventory, accounts receivable, and prepaid expenses.
Review each option provided in the problem: Inventory, Accounts Receivable, Accounts Payable, and Prepaid Expenses.
Identify which accounts are asset accounts: Inventory, Accounts Receivable, and Prepaid Expenses are all examples of asset accounts because they represent resources owned by the company.
Understand the nature of Accounts Payable: Accounts Payable is a liability account, not an asset account. It represents amounts owed by the company to suppliers or creditors for goods and services received.
Conclude that the correct answer is Accounts Payable, as it does not meet the definition of an asset account.
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