Asked by
Angel Logan
on Nov 09, 2024
Verified
Assets are what your business owes, whereas liabilities are what your business owns.
Liabilities
Financial obligations or debts that an entity owes to others, which must be settled over time through the transfer of economic benefits.
Assets
Economic resources or valuable items that a business owns or controls with the expectation that they will provide future benefits.
- Differentiate among assets, liabilities, and equity in relation to the accounting equation.
Verified Answer
RH
Learning Objectives
- Differentiate among assets, liabilities, and equity in relation to the accounting equation.
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