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1
Q:

Debts owed by a business are referred to as

A) Liabilities B) Credits
C) Account receivables D) Owner's Equity

Answer:   A) Liabilities



Explanation:

Debts owed by a business are referred to as Liabilities. Liabilities include all loans, outstanding expenses, mortgages, creditors, etc...

 

Subject: Business Awareness
Exam Prep: Bank Exams , CAT
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On a classified balance sheet, companies usually list current assets

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Answer & Explanation Answer: D) in the order in which they are expected to be converted into cash.

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A trial balance will not balance if

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Answer & Explanation Answer: A) Rs.500 cash payment to creditors is debited to creditors a/c for Rs.50 and credited to cash Rs.500.

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