Final answer:
Common Stock is not an asset because it represents equity or ownership in a company, unlike Equipment, Cash, Accounts Receivable, and Supplies, which are assets.
Step-by-step explanation:
The question asks which of the following accounts is NOT an asset:
- Equipment
- Common Stock
- Cash
- Accounts Receivable
- Supplies
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Equipment, Cash, Accounts Receivable, and Supplies are all examples of assets because they represent ownership of items or money that can be used for future benefits. However, Common Stock is not an asset; rather, it represents equity or ownership in a company. Shareholders who hold common stock are owners of the company.