Business Five Flashcards
1
Q
What is asset?
A
An item that is owned by the personal business that is value and will be used for more than one year
2
Q
What is a liability?
A
An item that is owed by the person or business to another person or business
3
Q
What is owners equity?
A
Is on the books of a business and represents the owner’s claim to the asset of the business includes capital drawings revenue, and expenses
