A Liability to a Bank Is

question 125

Multiple Choice

A liability to a bank is

• A)something that the bank owns.
• B)something that the bank owes.
• C)something a customer owes the bank.
• D)the value of bank buildings and hardware.

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Definitions:

Temporary Accounts

These include accounts that are closed at the end of each accounting period, including income, expense, and withdrawal accounts.

Carried Forward

The act of transferring a balance from one period to the next on financial statements or ledgers.

Owners' Equity

The total value belonging to the owners of a company, calculated as the company's total assets minus its total liabilities, indicative of the net worth.

Net Worth

The total value of an individual's or organization's assets minus liabilities, representing the financial health or value of the entity.