Which of the following would have claims against the assets of the business?
A) Cash and liabilities
B) Cash and Equipment
C) Equipment and liabilities
D) Liabilities and owner's equity

Question

Quizplus · Accepted Answer

Liabilities and owner's equity represent claims against the assets of a business. Liabilities are what the business owes to outsiders, and owner's equity represents the owner's claim on the assets after all liabilities have been paid off.

Which of the Following Would Have Claims Against the Assets