Examlex
The study of inner thoughts and feelings is to the study of observable behavior as Titchener is to
Asset
Resources owned by a company that have economic value and can provide future benefits, such as cash, inventory, and equipment.
Liability
A liability refers to financial obligations or debts that a company owes and is required to repay in the future.
Accounting Equation
The fundamental equation of accounting, Assets = Liabilities + Shareholder's Equity, representing the relationship between a company's resources and claims against those resources.
Supplies
Items that are consumed or used up in the daily operations of a business, like office supplies or manufacturing materials.
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