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Accounting Equation
The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Owner's Equity.
Cash
Money in the form of currency that can include bills, coins, and balances in bank accounts that are readily available for use.
Owner's Capital Account
A financial record that represents the owner's invested capital plus the total earnings minus the withdrawals made by the owner.
Year-End Balance
The final amount of money in an account at the end of a financial year, after all transactions and adjustments have been accounted for.
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