Examlex
Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
humors
Owner's Equity
The residual interest in the assets of the entity after deducting liabilities, representing the ownership interest of the business owners.
Cash Withdrawals
The act of taking money out of an account, decreasing the account balance.
Assets
Resources owned or controlled by a company or individual with the expectation that they will provide future benefit.
Accounting Equation
A fundamental financial principle representing the relationship between a company's assets, liabilities, and shareholder's equity: Assets = Liabilities + Equity.
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