Examlex
Before puberty ________.
Accounting Equation
The fundamental formula representing the relationship between assets, liabilities, and equity (Assets = Liabilities + Equity).
Asset
An economic resource owned or controlled by an individual or business, expected to provide future benefits.
Liability
Any financial debt or obligation that a company owes, which must be settled over time through the transfer of economic benefits including money, goods, or services.
Owner's Equity
The residual interest in the assets of a business after deducting liabilities, representing the ownership interest of shareholders in a company.
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