Examlex
For what is the assay shown here used?
Liabilities
Financial obligations or debts owed by a company to creditors, which must be settled over time through the transfer of assets, provision of services, or other economic benefits.
Assets
Resources owned or controlled by a business that are expected to produce economic value or benefits in the future.
Accounting Equation
A fundamental principle representing the relationship between an entity's assets, liabilities, and equity; Assets = Liabilities + Equity.
Creditor
An entity or person that lends money or extends credit to another party, expecting to be repaid in the future.
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