Final answer:
The correct term for the value of assets exceeding liabilities is A. Equity. Equity represents the residual interest in the assets of a company after deducting liabilities and appears on a T-account balancing assets with liabilities plus net worth. Thus, the option A is the correct answer.
Step-by-step explanation:
The term best defined as the excess of the asset value over and above the amount of the liability is A. Equity. Equity reflects the owner's claim on the business assets after all liabilities have been paid off. It is evident in the context of a T-account used by firms, especially banks, where the net worth of the bank (another term for equity in this context) is considered an asset minus total liabilities. Net worth on a bank's T-account ensures that the account balances, since assets will always equal liabilities plus net worth.