Items Owned by the Business Such as Land,supplies and Equipment

question 9

Multiple Choice

Items owned by the business such as land,supplies and equipment are:

• A)assets.
• B)liabilities.
• C)owner's equity.
• D)expense.

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Definitions:

LLP Partners

Individuals who are members of a Limited Liability Partnership, bearing rights and responsibilities as defined in the LLP agreement.

Contractual Obligations

Responsibilities, duties, or promises that are legally binding, as outlined in a contract between parties.

Limited Personal Liability

A legal principle whereby an individual's responsibility for business debts and obligations is restricted, typically in the context of limited liability companies or corporations.

Partnership Creditors

Individuals or entities to whom a partnership owes money or has financial obligations.