Question and answer
2. Which of the following best describes a liability? A. Anything of value owned by the business B. Something that a business owes C. Listed on the left-hand side of a balance sheet D. Always equal to an asset
"Something that a business owes" is the statement that best describes liability.
Question
Asked 3/4/2014 7:39:40 PM
Updated 12/9/2014 5:57:00 AM
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This answer has been confirmed as correct and helpful.
Edited by debnjerry [12/9/2014 5:56:59 AM], Confirmed by debnjerry [12/9/2014 5:57:00 AM]
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Questions asked by the same visitor
3. Which of the following best describes owner’s equity? A. Equal to the business’ liabilities less the business’ assets B. The owner’s interest or worth in the business C. What the owner owes the business D. What the business owes
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Updated 1/16/2015 6:40:38 PM
1 Answer/Comment
Owner’s equity: The owner's interest or worth in the business.

Added 1/16/2015 6:40:38 PM
This answer has been confirmed as correct and helpful.
Confirmed by andrewpallarca [1/17/2015 2:34:46 PM]
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