The Amounts That the Business Entity Owes Its Creditors Are

question 60

Multiple Choice

The amounts that the business entity owes its creditors are referred to as

• A) assets.
• B) liabilities.
• C) owner's equity.
• D) revenues.
• E) expenses.

---

Definitions:

Thionyl Chloride

A reagent used in organic synthesis for transforming carboxylic acids into acyl chlorides or converting alcohols into alkyl chlorides.

2-Phenylethanol

An organic compound with a floral scent, commonly used in perfumery and flavoring, representing an alcohol with a phenyl group attached to the second carbon.

Toluene

Toluene is a colorless, water-insoluble liquid hydrocarbon of the aromatic series, used in the manufacture of various chemicals.

Carboxylic Acid

Organic compounds characterized by a carboxyl group (-COOH), known for their acidic properties and widespread occurrence in biochemistry and industrial chemistry.