GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True or FalseAssets are what a business owes; Liabilities are what a business owns
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Liabilities are debts or other obligations in which your business owes money, now or in the future. Assets are items of value that your business owns, such as real estate and equipment. Assets and liabilities are part of a business’s balance sheet and are used to judge the business’s financial health.
Detailed explanation-2: -In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out!
Detailed explanation-3: -Answer: This statement is False.
There is 1 question to complete.