Match each of the follwoing terms with their descriptions Total Liabilities. a. refers to the difference in the value of the firm's assets and liabilities (what the firm owns)
b. Short and long term interest bearing accounts (Notes Payable + Long term debt in this class)
c. represent resources used by the firm and the sum of shareholders' equity and total liabilities (what the firm has)
d. represent the total amount owed to creditors (what the firm owes)

1. Total Liabilities
2. Total Shareholders' Equity
3. Total Assets
4. Total Debt

Answer and Explanation:

The matching is as follows:

a. 2. Shareholder equity as it shows the difference between the assets and liabilities of the firm

b. 4. Total debt it represent the short and long term interest i.e. note payable + long term debt etc

c. 3. Total assets it is a sum of shareholder equity and the total liabilities

d.1. Total liabilities it shows the obligations or the amount owed to creditors

answerobservation;

since the options are not listed, when you are working on your budget you should also add water, tv, internet, miscellaneous and your 'fun' money for in your budget. when budgeting, you need to allow for fun money, and mis/accidental money so that you stick to the budget and not go crazy because you feel strapped to the budget.