Answered: Which of the following items is NOT…

Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivable

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 3DQ: How do Accounts Payable and Accounts Receivable differ?

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Question

Which of the following items is NOT classified as a financial asset?
a. promissory notes
b. forward exchange contracts
c. inventory
d. accounts receivable

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