A Family Has a Net Worth of $156,000 and Liabilities

question 77

Multiple Choice

A family has a net worth of $156,000 and liabilities of $167,000,what is the amount of their assets?

• A)$11,000
• B)$156,000
• C)$167,000
• D)$323,000
• E)$452,000

---

Definitions:

Managers

Individuals responsible for controlling or administering all or part of a company or similar organization.

Periodic Inventory

a system of inventory management where updates to inventory levels are made at specific intervals, usually at the end of an accounting period.

Perpetual Inventory

An inventory management system where updates are made continuously as transactions occur.

Inventory Accounting Systems

The systems or methods used by businesses to keep track of their inventory levels, costs, and quantities.