Betech Inc. has $50,000 in its bank account and $3,000 worth of goods in its warehouse. What is this amount ($53,000) known as in accounting terms?

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-08-24T19:55:30+02:00

The balance in the bank account and the worth of goods in the warehouse are included under assets so the total amount of 53,000 known as assets

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RenatoMattice RenatoMattice · Answer 2 · 2019-02-06T09:13:20+01:00

Answer: It is known as "Assets".

Step-by-step explanation:

Since we have given that

Amount in its bank account = $50000

Amount worth of goods in its warehouse = $3000

Total amount is given by

[tex]\$50000+\$3000\\\\=\$53000[/tex]

So, According to "Accounting equation":

It is considered in "Assets " in accounting terms.

Assets contains all amounts related to bank account and worth of goods too.

Hence, it is known as "Assets".