_____ are those items of value the business owns; _____ are those things the business owes

The correct answer is "A", Assets; liabilities.

Assets are those items of value the business owns; Liabilities are those things the business owes.

Those items owned which can be of economic benefit to the company is called assets. Examples are buildings, inventory, equipment and machines, cash, etc. These assets, current or fixed, as essential for the organization to manufacture goods and services.

To be an asset, it has to have the following criteria/requirements:

1. a resource on which the organization has control
2. the control has been gained through a past event
3. has a future benefit

Liabilities can be considered as an organizations obligations, for example, money owed, services or goods not delivered yet etc.