The amounts that the business entity owes its creditors are referred to as

Name: The amounts that the business entity owes its creditors are referred to as
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Liabilities represent the amounts that a business entity owes to its creditors, such as loans, accounts payable, and taxes owed. Assets represent what the entity owns, while owner's equity represents the owner's investment in the business. Revenues and expenses represent the income and expenditure of the business, respectively.

The Amounts That the Business Entity Owes Its Creditors Are