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    ccoasis's Avatar
    ccoasis Posts: 1, Reputation: 1
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    #1

    Jun 26, 2009, 11:49 AM
    Assets = Liabilities + Owners equity
    Amounts owed by a business to others are referred to as ______. Is it liabilities?
    Assets are financed by two sources, what are they? One is owner's equity, what is the other called accounts receivable?:rolleyes:
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jun 28, 2009, 11:58 AM

    Amounts owed to others is a Accounts Payable, which is a Liability

    Assets are financed by investments by owners(Owners Equity Account) and Financing (Liability Accounts) such as Notes Payable
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