Texas Real Estate Brokerage Sales Apprentice Education (SAE) Practice Exam

In accounting, what does the term 'acquired' refer to?

1. Sold assets

2. Receipts

3. Expenditures

4. Liabilities

The correct answer is: Receipts

The term 'acquired' in accounting typically refers to resources that a business or individual has received, particularly when discussing the inflow of economic benefits or assets. Receipts represent that acknowledgment of an acquisition, indicating the receipt of cash, goods, or services. When a company acquires an asset, it records this event in its accounting system, and receipts are often documentation that reflects this transaction. In this context, while sold assets, expenditures, and liabilities have important roles in accounting, they don’t specifically convey the concept of 'acquisition' in the same way that receipts do. Sold assets relate to items that have been disposed of, expenditures refer to money spent, and liabilities denote obligations owed to others. Each of these terms serves a different purpose and does not encapsulate the concept of acquiring resources or benefits, making receipts the most fitting answer to the question.