MC 4 What is the difference between a liability and an asset?
A. Liabilities are money owed by an organization, while assets are money owed to an organization
B. Liabilities are resources owned by an organization, while assets are obligations of an organization
C. Liabilities are obligations of an organization, while assets are resources owned by an organization
D. Liabilities are money owed to an organization, while assets are money owed by an organization
Answer:C
MC 4 What is the difference between a liability and an asset?
A. Liabilities are money owed by an organization, while assets are money owed to an organization B. Liabilities are resources owned by an organization, while assets are obligations of an organization C. Liabilities are obligations of an organization, while assets are resources owned by an organization D. Liabilities are money owed to an organization, while assets are money owed by an organization