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Construct a truth table for the statement.
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Equity
The value of an owner's interest in a property or business, calculated by subtracting liabilities from assets.
Debits
Entries on the left-hand side of an account that represent the increase in assets or expenses or a decrease in liabilities, equity, or income.
Credits
Accounting entries that increase liabilities or equity accounts, or decrease asset or expense accounts, recorded on the right side of a ledger.
Accounts
Records that summarize and classify all financial transactions of a business, including assets, liabilities, equity, revenue, and expenses.
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