On the balance sheet,the values of the various items a corporation owns are referred to as
A)liabilities.
B)debts.
C)budgets.
D)assets.
E)savings.

Question

Quizplus · Accepted Answer

The values of the various items a corporation owns are referred to as assets on the balance sheet. Liabilities refer to what the corporation owes to other parties, debts refer to the money the corporation owes to creditors, budgets refer to the financial plan for the corporation, and savings refer to the money the corporation has set aside for future use.

On the Balance Sheet,the Values of the Various Items a Corporation