​Your cellular phone contract is due for renewal and the company offers you a new free phone.Since you want to use your new phone,you decide to recycle your old phone.Your action

A) ​Creates wealth by moving the phone from lower value use to higher value use
B) Destroys wealth since you lose your phone
C) Creates wealth by making you feel richer
D) ​All of the above

Debts owed by a business are referred to as

A) accounts receivable
B) expenses
C) owner's equity
D) liabilities