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Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Karl Marx
Owner's Equity
The residual interest in the assets of a business after deducting liabilities, representing the ownership interest of shareholders or partners.
Liabilities
Financial obligations or debts owed by a business to outsiders, such as loans, accounts payable, or mortgages.
Owner's Equity
The total assets minus total liabilities of an individual owner in a business, representing the owner's residual interest in the company.
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