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Nora and Owen do business as Profit & Property, a real estate investment partnership. In acting on the firm's behalf, Nora takes advantage of an opportunity to make a secret profit for herself. To her firm, Nora is liable for
Increased
A term indicating that a numerical value, quantity, or financial metric has gone up from a previous measurement.
Account
Represents a specific financial record in bookkeeping that tracks the financial transactions of a particular aspect, such as expenses or revenues.
Asset
Resources owned by a company from which future economic benefits are expected to flow to the entity.
Recorded
The process of documenting financial transactions in accounting records.
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