Assets in accounting are resources with economic value controlled by a business.

Steps:

• Recall the fundamental accounting equation: Assets = Liabilities + Equity.
• Identify that assets represent future economic benefits, such as claims against others.
• Classify "amounts owed to a business" (receivables) as assets since they provide inflow potential.
• Exclude "amounts owed by a business" (payables) as liabilities and "items owned" if not generating benefits directly, per strict definition.

Why C is correct:

• Assets include rights to receive payment (amounts owed to), but exclude obligations (owed by) and mere ownership without economic claim, aligning with FASB definition of probable future benefits.

Why the others are wrong:

• A incorrectly excludes receivables, which are key assets.
• B wrongly includes liabilities (owed by), confusing with assets.
• D includes both receivables and liabilities, mixing asset and liability categories.

Final answer: C