Question

Personal property may have value, but usually cannot be converted into cash quickly. Which of the following would be classified as personal property on the balance sheet? automobiles furniture Old rugs gold coins

Answer 1

Answer:

(D)Gold Coins

Explanation:

The term Personal property is used to refer to assets owned by an individual other than land or buildings. Personal properties are movable, and so can include such assets as equipment, furniture, home appliances, and vehicles. This type of property can also be intangible items such as assets, stocks and bonds.

Automobiles, Furniture and Old Rugs although are personal properties cannot be easily converted to cash, therefore it is not included on the balance sheet.