Colin was working on his budget. He had compiled his receipts, his employee's time sheets, the invoices he has sent to his suppliers and his bills that he owed others. He was now ready to assess his
A) assets.
B) income statement.
C) external audit.
D) fixed budget.
E) liabilities.

Question

Quizplus · Accepted Answer

Liabilities are claims, or debts, by suppliers, lenders, and other nonowners of the organization against a company's assets. If you are a member of the gig economy, the quarterly estimated federal and local taxes you will need to pay on your annual income are a financial liability of your business.

Colin Was Working on His Budget