Utah Contractor Practice Exam

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Resources owned by a company are reported on the balance sheet and are referred to as:

Assets
Liabilities
Resources
All of the above

The correct answer is: Assets

Resources owned by a company are referred to as assets on the balance sheet. Assets encompass all items of value that the company possesses, which can include cash, inventory, property, equipment, and investments. They represent the financial resources a company has at its disposal to generate revenue and support its operations. This classification is critical because it helps stakeholders evaluate the financial health of the company and its ability to meet obligations. Liabilities, which are obligations or debts the company owes to others, are reported separately from assets. While "resources" might colloquially describe what a company owns, it is not a formal accounting term used in financial reporting. Therefore, the correct terminology remains "assets," making it the most accurate response.