Which of the following examples is not an asset account?

An asset account represents resources owned by a business that are expected to provide future economic benefits. Cash, accounts receivable, and equipment are all classifications of assets. Cash is readily available for use, accounts receivable signifies amounts owed to the business from customers, and equipment refers to physical items that a company uses for its operations.

In contrast, accounts payable is a liability account. It reflects the obligations that a business has to pay its creditors for goods or services received. As a liability, it indicates amounts owed, rather than resources owned. Understanding the distinction between assets and liabilities is crucial for accurate financial reporting and maintaining a balanced accounting equation, where assets equal liabilities plus equity.