Question on: SS1 Accounting - Distinction Between Assets And Liabilities
What is the difference between assets and liabilities on a balance sheet?
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A
Assets represent what a company owes, while liabilities represent what a company owns
B
Assets and liabilities are the same things
C
Assets represent what a company has, while liabilities represent what a company owes
D
Liabilities represent what a company has, while assets represent what a company owes
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Correct Option: C
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