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O-LevelAccountingThe fundamentals of accounting7707/12 · Oct/Nov 2025 · Q21 Mark

What are liabilities?

Aamounts that are owed to or owned by a business
Bamounts that are owed to others for resources provided
Camounts that need to be written off
Damounts that the owner owes to the business

✓ Correct answer

B: amounts that are owed to others for resources provided

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2025 Paper 1 Variant 2, question 2.

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