a. 1. Which of the following statements is incorrect? Assets- Capital=Liabilities b. Liabilities+ Capital =Assets c. Liabilities+ Assets= Capital d. Assets- Liabilities= Capital 2. Which of the following items is an asset? e. Owing to bank f. Accounts payable for inventory g. Loan from Ann Shirley h. Fixtures i. None of them a 3. Which of the following items is a liability? We owe a supplier for inventory b. Accounts receivable Inventory d. Machinery Cash at bank C es