Instructions: Identify the Following Terms

question 110

Short Answer

Instructions: Identify the following terms.
Jomo Kenyatta and KANU

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Definitions:

Liabilities

Liabilities represent obligations or debts that a company owes to external parties, which are expected to be settled through the outflow of resources or services.

Assets

Resources owned or controlled by a business or individual, expected to bring future economic benefits.

Accounting Equation

The foundational principle of accounting representing the relationship between a company’s assets, liabilities, and equity: Assets = Liabilities + Equity.

Vehicle

A means of transportation, such as a car, truck, motorcycle, or bicycle, that facilitates the movement of people or goods from one place to another.