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# 1

Short Answer

What is the term for something a business owns that has value?

  • Asset

# 2

Multiple Choice

Which of the following is an example of a liability?

  • Cash in bank
  • Trade Receivable

  • Long-term borrowing

  • Inventory

# 3

Short Answer

What does Equity represent in the accounting equation?

  • Capital

# 4

OX

True or False: A liability represents something a company owes to others.

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