A(n)________ is a debt owed by a firm to an outside organization or individual.

Name: A(n)________ is a debt owed by a firm to an outside organization or individual.
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A liability is a debt owed by a firm to an outside organization or individual. Assets are resources owned by a firm, equity represents the residual interest in the assets of the entity after liabilities are deducted, and an account is a record of financial transactions.

A(n)________ Is a Debt Owed by a Firm to an Outside