TRUE OR FALSE (Place True (T) or False (F) on the line before the number.) 37. Assets are resources a business owns or controls that are expected to provide current and future benefits to the business such as equipment, supplies, and cash. 38. Liabilities are a creditors' claim on an organization's assets; involves a probable future payment of assets, products, or services that a company is obliged to make due to past transactions or events. Money owed to others by the company. 39. Equity is an owner's claim on the assets of a business; equals the residual interest in an entity's assets after deducting liabilities; also called net assets. Money invested in the company by the owners. 40. The Accounting Equation is: Assets = Liabilities + Equity. 41. The Balance Sheet includes Assets, Liabilities, and Owners' Equity. 42. The Income Statement includes Revenue and Expenses. 43. The below T account is correct