Items on the balance sheet that represent amounts owed to others are termed
A)assets.
B)liabilities.
C)revenues.
D)expenses.
E)none of the above.

Question

Quizplus · Accepted Answer

Liabilities represent amounts that the company owes to others, such as loans or accounts payable. Assets, on the other hand, represent the resources owned by the company. Revenues and expenses are items on the income statement that represent the company's earnings and expenses during a specific period of time.

Items on the Balance Sheet That Represent Amounts Owed to Others