'Liabilities' are:
A)something owned by a firm.
B)something the firm owes to someone else.
C)the firm's net worth.
D)the firm's reserves.

Name: 'Liabilities' are: A)something owned by a firm. B)something the firm owes to someone else. C)the firm's net worth. D)the firm's reserves.
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Question

Quizplus · Accepted Answer

Liabilities are obligations or debts that a firm owes to someone else, such as creditors, suppliers, or lenders. It includes all the financial or non-financial obligations that a firm is liable to pay off.

'Liabilities' Are