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Financial Accounting Standards Board
An independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.
Assets and Liabilities
Assets are resources owned by a business that have economic value, while liabilities are obligations a business owes to others.
Owner's Equity
The owner's residual interest in the assets of the business after deducting liabilities.
Unit of Measure Concept
An accounting principle that states all business transactions must be recorded in a single, consistent unit of measurement.
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