Anything of economic value that the business owns.Select one:a.Liabilitiesb.Assetsc.Journald.Ledger
Question
Anything of economic value that the business owns.
Select one:
- a. Liabilities
- b. Assets
- c. Journal
- d. Ledger
Solution
Break Down the Problem
- Identify the terms provided in the options.
- Understand what each term refers to in the context of economics and business.
Relevant Concepts
- Liabilities: Obligations that a business owes to outside parties.
- Assets: Resources owned by a business that have economic value.
- Journal: A record of daily transactions in accounting.
- Ledger: A book or collection of accounts in which account transactions are recorded.
Analysis and Detail
- Liabilities are obligations, not resources.
- Assets are the resources of economic value owned by the business.
- Journals and ledgers are accounting tools but do not represent value owned by the business; they are methods of tracking financial transactions.
Verify and Summarize
Among the options, the term that directly refers to anything of economic value that a business owns is “Assets.”
Final Answer
b. Assets
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