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The correct option is B. Car registration is not a type of credit. A document's registration serves as "notice to the world" that a specific property document has been performed. Another crucial duty of registration offices is retaining records, which are, practically speaking, permanent. The basic answer is that your car is typically a valuable asset. However, it is not the same kind of asset as other assets. A depreciating asset is your car. The moment you drive your car off the lot, it starts to lose value, and it keeps losing value over time.
What is the registration process?
Registration procedure refers to any legal requirement that a corporation registers or receives a business license or permit to operate in a province, territory, state, country, or a political subdivision thereof.
Since it is a physical object that you may use to move from point A to point B and has some market worth if you need to sell it, the vehicle itself is an asset. However, the auto loan you obtained to purchase that vehicle is a liability.
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