What are the rights of creditors (claims against the assets of the company--creditors' equity) that represent debts of the business called? Group of answer choices liabilities assets expenses revenues

How are financial statements used by business?

Using the following categories, discuss the differences that exist between accounting for these items in a personal context versus for a business. Specifically provide examples of the difference in account names or terms used to describe the eguivalent item when related to accounting for a business. 1. Assets & LIabilities 2. Net Worth 3. Surplus(deficit)

The expense recognition principle matches Select one: a. expenses with revenues. b. creditors with businesses. c. assets with liabilities. d. customers with businesses.