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Overview of Financial Statements

Give the word...

Question

Give the word term or phrase which can substitute each of the following statements :

A person whose assets are sufficient enough to meet business obligations

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Solution

A person whose assets are sufficient enough to meet business obligations- Solvent

Explanation:
When a person is capable of paying debts, i.e. his/her assets are greater than or equal to the liabilities, then that person can be termed as solvent.

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