Liabilities Represent

question 57

Multiple Choice

Liabilities represent:

• A)items owned by the company.
• B)economic resources of the company.
• C)earnings kept in the business.
• D)amounts owed to third parties.

---

Definitions:

Spending Variance

A financial metric indicating the difference between budgeted and actual spending, especially concerning variable costs.

Cost Formula

An equation or method used to determine the costs associated with production, including fixed and variable components.

Catering Supplies

Items and materials used in the provision of catering services, including food, utensils, and decorations.

Spending Variance

Difference between the planned budget and the actual expenditure, indicating over- or under-spending.