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Which of the following might happen if a person begins laughing while swallowing a liquid?
Basic Accounting Equation
The fundamental equation representing the relationship between a company's assets, liabilities, and equity; Assets = Liabilities + Equity.
Assets
Resources owned by a company that have economic value and can be converted into cash.
Liabilities
Financial obligations or debts that a company owes to external parties.
Residual Equity
The amount of equity remaining for shareholders after all liabilities have been deducted from total assets.
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