Which of the following would be classified as an asset?

The classification of an asset revolves around identifying resources owned by a business that are expected to provide future economic benefits. Patents, as intellectual property, are recognized as intangible assets. They can offer distinct advantages to a company, such as exclusivity in production or sales, and can significantly contribute to future revenue streams. This expectation of future economic benefit from patent ownership underscores why they are classified as assets on the balance sheet.

In contrast, bank loans represent liabilities, as they are obligations the company must repay in the future. Funds owed to suppliers also fall under liabilities, reflecting amounts that the company needs to pay. Accumulated expenses likewise represent obligations that have been incurred but not yet settled, classifying them as liabilities as well. Therefore, the only choice here that qualifies as an asset is the patents owned by the business, due to their potential to generate future economic benefit.