Assets and Liablitys Flashcards by Sarah Nelmes | Brainscape

Q

What is a liability?

A

Anything you/the business OWE.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What is an asset?

A

Anything you/the business OWN.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What is capital?

A

Assets minus liabilities equals (=) capital.

How well did you know this?

1

Not at all

2

3

4

5

Perfectly