Regarding liabilities,which of the following statements is incorrect?
A) Liabilities represent one of the two claims to assets.
B) A creditor who has loaned money to a business has a claim to some of the business's assets until the business pays the debt.
C) Liabilities are economic resources that are expected to benefit the business in the future.
D) Many, but not all, liabilities have the word payable in their titles.
Correct Answer:
Verified
Q103: Define assets.Provide three examples of assets.
Q104: Which of the following is TRUE of
Q105: A debt that a business owes is
Q106: An owner's capital balance changes with an
Q107: An owner's withdrawal represents a distribution of
Q109: Define liabilities.Provide three examples of liabilities.
Q110: Assets are something of value that the
Q111: Equity decreases with expenses and revenues.
Q112: Equity increases when revenues are earned.
Q113: A creditor who has loaned money to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents