Examlex
Human beings have wants and desires for goods and services.They also have financial means with which to pay for them.
Capital Additions
Investments or expenditures made to acquire or improve long-term assets, enhancing the asset value or extending its useful life.
Net Income
The net income of a business once all taxes, costs, and expenses have been deducted from the total revenue.
Debit Capital Balance
Occurs when the sum of debits in a capital account exceeds the sum of credits, indicating the amount invested by the owners into the business.
Partnership Liquidation
The process of closing a partnership business, including selling off assets, paying off debts, and distributing the remaining assets to the partners.
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