Examlex
The biggest U.S.export category consists of mass-produced products of popular culture.
Debits
A transaction recorded in accounts that causes assets to grow or liabilities to shrink on a firm's balance sheet.
Credits
Accounting entries that increase liability or equity accounts, or decrease asset or expense accounts.
Liabilities
Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other means.
Debits
Accounting entries that result in an increase in assets or expenses and a decrease in liabilities, equity, or income.
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