Multiple Choice
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
Correct Answer:
Verified
Q82: Match the accounting position to the job
Q83: The Financial Accounting Standards Board (FASB)works with
Q84: The statement of owner's equity informs users
Q85: The left side of the accounting equation
Q86: Which of the following financial statements is
Q88: Wylie Company has just completed operations
Q89: Ten years ago,a company purchased a building
Q90: A law firm provides legal services for
Q91: Managerial accounting focuses on information needed by
Q92: Critical thinking and judgment skills are not