Examlex
Solve the equation by factoring.
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Liabilities
Financial obligations or debts a company owes to external parties or entities.
Accounting Equation
The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus shareholders' equity.
FASB
Stands for the Financial Accounting Standards Board, which is responsible for establishing and improving financial accounting and reporting standards in the United States.
GAAP
Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting.
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