Multiple choice

The debts owing to others by the business is known as

  1. Liabilities

  2. Expenses

  3. Debtors

  4. Asset
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A Correct answer
Explanation

In accounting, liabilities represent debts or obligations that a business owes to external parties like creditors, lenders, or suppliers. Expenses are ongoing costs, debtors are people who owe the business, and assets are resources owned by the business.

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