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Accounting Terms

TermDefinition
Liabilities the debts or obligations of the business
Assets Property that a business owns
Owners Equity owner's financial interest
Balance Sheet the status of the firm's assets, liabilities, and owner's equity in a financial statement called
Asset listed on the left side of the balance sheet
Liabilities & Owners Equities on the right side of the balance sheet
Popular Accounting sets

 

 



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