Examlex
The extent to which you value yourself is known as your
Accounting Equation
The fundamental principle of accounting that states Assets = Liabilities + Equity, balancing a company's financials.
Balance Sheet
A financial record that outlines the assets, liabilities, and owners' equity of a company at a given time.
Liabilities
Financial obligations or debts that an entity is responsible for to external parties or creditors.
Probable Future Economic Benefits
The anticipated economic advantages expected to be received in the future as a result of owning or using an asset.
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