Question

Are properties or things of value owned and controlled by a business entity.

1. Liabilities
2. Owner's Equity
3. Assets
4. None of the above

Answer 1

Assets are properties or things of value owned and controlled by a business entity. They are listed on a bank's balance sheet alongside liabilities.

Step-by-step explanation:

An asset is something of value that is owned and can be used to produce something. Examples of assets include cash, homes, and loans made to customers. Liabilities, on the other hand, are debts or things that are owed. A bank's balance sheet lists both assets and liabilities, and the net worth is the difference between the two. Based on this information, the correct answer to the question is 3. Assets.