Examlex
The state of consciousness when an individual is totally absorbed by an activity is ____________.
Accounting Equation
The fundamental equation representing the relationship among assets, liabilities, and owner's equity: Assets = Liabilities + Owner’s Equity.
Creditor
An individual or entity that is owed money by another party, often in the context of loaning funds or issuing credit.
Liability
The financial liabilities or obligations a company is legally bound to settle, which emerge in the process of conducting its business activities.
Owner's Equity
The amount of ownership an individual or entity has in a company, represented by the assets minus liabilities and often seen as the owner's claim against the company's assets.
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