Currently, the United States Is Both a Net Borrower and a Debtor

question 381

True/False

Currently, the United States is both a net borrower and a debtor nation.

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Definitions:

Liabilities

Financial obligations a company owes to outside parties, such as loans, accounts payable, and mortgages.

Assets

Company-owned valuables that offer economic benefits and are expected to provide future profit.

Revenue

The total amount of money received by a company from its business activities, such as sales of goods or services, before any expenses are subtracted.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Equity.