Regarding liabilities, which of the following statements is incorrect? A. Liabil

Question

Regarding liabilities, which of the following statements is incorrect?
A. Liabilities represent one of the two claims to assets B. Liabilities are economic resources that are expected to benefit the business in the future C. Many, but not all, liabilities have the word payable in their titles D. A creditor who has loaned money to a business has a claim to some of the business’s assets until the business pays the debt Regarding liabilities, which of the following statements is incorrect?
A. Liabilities represent one of the two claims to assets B. Liabilities are economic resources that are expected to benefit the business in the future C. Many, but not all, liabilities have the word payable in their titles D. A creditor who has loaned money to a business has a claim to some of the business’s assets until the business pays the debt
A. Liabilities represent one of the two claims to assets B. Liabilities are economic resources that are expected to benefit the business in the future C. Many, but not all, liabilities have the word payable in their titles D. A creditor who has loaned money to a business has a claim to some of the business’s assets until the business pays the debt

Explanation / Answer

Option B is incorrect.

Liabilities are economic resources that are exepecex to benefits the business in the future.= False

Assets are economic resources that are expected to benefits the business in the future

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