Multiple Choice
A debt that a business owes is called ________.
A) an asset
B) a liability
C) owner's equity
D) revenue
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q1: For each of the following characteristics
Q2: List the four financial statements and
Q3: Economic resources and debts of the company
Q5: The equity of Alliance Company is $100,000
Q6: A statement of cash flows always represents
Q7: What is the primary objective of financial
Q8: Managerial accounting focuses on providing information for
Q9: In a statement of owner's equity,decreases in
Q10: A business purchases a building for $250,000.The
Q11: The owner's capital account increases with each