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Which accurately represents the three interrelated processes included in the ASA model?
Net Income
The company's ultimate income after expenses and taxes have been taken away from total earnings.
Electronic Repair Revenues
Income generated from the business of fixing and restoring electronic devices and components to working condition.
Expenses
Expenses refer to the outflow of funds or the incurrence of a liability by a business as a result of its operations, such as costs for materials, labor, and overhead.
Owner's Equity
The residual interest in the assets of the entity after deducting liabilities.
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