Examlex
Describe the various types of special possessions.
Liability
A financial obligation or debt that a company owes to another entity.
Asset
Resources owned or controlled by a business or an individual that are expected to produce economic value or future benefits.
Dividends Account
An account in a company's financial records where dividend payments are recorded, reflecting distribution of profits to shareholders.
Debit Balance
A situation in accounting where the sum of debits exceeds the sum of credits, often indicating the amount owed or an asset's value.
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