Items of value owned by a firm are called Blank______.Multiple choice question.expensesassetsliabilitiesrevenue

Step 1: Break Down the Problem

The question is asking for the term that describes the items of value owned by a firm. This term is part of finance and accounting vocabulary.

Step 2: Relevant Concepts

In accounting, assets refer to resources owned by a company that provide economic benefit. Their classification includes current assets (like cash or inventory) and non-current assets (like property or equipment).

Step 3: Analysis and Detail

1. Expenses refer to costs incurred in the process of earning revenue, not items of value owned.
2. Liabilities are obligations or debts that a company owes to others, which also does not fit the description.
3. Revenue is the income generated from normal business operations, which is unrelated to ownership of items.

Thus, the only term that correctly describes items of value owned by the firm is assets.

Step 4: Verify and Summarize

The correct answer aligns with the standard definition in accounting. Among the options given, assets are indeed the items of value that a firm owns.

Final Answer

The items of value owned by a firm are called assets.