What is the difference between an asset and a liability?
What will be an ideal response?
An asset is something that a person or a business owns. A liability is a legal obligation that a person or a business has to pay back or something owed. A liability is an asset to the person or business to whom the debt is owed.
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The Sales Revenue, Delivery Expense, and Sales Discounts Forfeited accounts will be closed via the ________ account.
A) Income Summary B) Retained Earnings C) Dividends D) Stockholders' Equity
If only common stock is outstanding, total stockholders' equity divided by the number of shares of common stock outstanding is called the
a. par or stated value per share. b. call value per share. c. book value per share. d. market value per share.
In 2005, the ________ established a free trade zone between the United States and Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua
A) CAFTA-DR B) FTAA C) CAN D) NAFTA E) EU
Which of the following would be considered part of the category "trade receivables"?
a. Advances to employees b. Amounts due from customers c. Dividends receivable d. Income tax refunds receivable