Examlex
Which of the following is/are the major areas in which the OSC is involved?
Equipment
Tangible property used in operations, such as machinery and office equipment, which is not intended for sale.
Accounting Equation
The fundamental formula representing the relationship between assets, liabilities, and equity (Assets = Liabilities + Equity).
Asset
An economic resource owned or controlled by an individual or business, expected to provide future benefits.
Liability
Any financial debt or obligation that a company owes, which must be settled over time through the transfer of economic benefits including money, goods, or services.
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