Chapter 15, Problem 1CR

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

In accounting, economic resources owned by a company are known as _______, whereas debts or obligations of a company are known as________. (15-1)

To determine

**To fill:** The blank space provided in the statement, “In accounting, economic resources owned by a company are known as _____, whereas debts or obligations of a company are known as _____”.

Answer

**Solution:**

In accounting, economic resources owned by a company are known as __equities__, whereas debts or obligations of a company are known as __liabilities__.

Explanation

Equities are generally the claim against the resources required at a specific point of time. It is the value of shares that the company has issued. It also displays the book value of a company. They are owned by the people, who can vote at the meetings.

Hence, company’s economic resource are called equities.

Liabilities are the obligation of a business that emerge from the transactions made in past which are not paid. It is of two types, current liabilities which are present in an organization for a short period of time and non-current liabilities which are present in an organization for a long period of time.

Hence, debts or obligations of a company are known as liabilities.

Thus, in accounting, economic resources owned by a company are known as equities, whereas debts or obligations of a company are known as liabilities.

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