Question

Debts that are owed to others are called Liabilities.
a. True
b. False

Answer 1

Liabilities reflect all the money your practice owes to others. This includes amounts owed on loans, accounts payable, wages, taxes and other debts. Similar to assets, liabilities are categorized based on their due date, or the timeframe within which you expect to pay them.


So that is true

-hope this helps

Answer 2

The answer would be true.