Question

Match each term with its correct definition.
Balance sheet
?
What someone owns
Liabilities
?
What someone owes
Assets
?
Statement of financial
position

Answer 1

Answer:

balance sheet - statement of financial position

liabilities - what someone owes

assets - what someone owns

Answer 2

Balance sheet: is a statement of financial position
Assets: what someone owns
Liabilities: is what someone OWES