🎴 Flashcard Mode
Accountancy XI
Card1 / 26
Mastered0
Review0
QuestionClick to flip
The debts owing to others by the business is known as
AnswerClick to flip back
A
Liabilities
💡 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.