Examlex
How do open source projects work? How is it different from closed source projects?
Accounting Equation
The fundamental principle of accounting that states Assets = Liabilities + Equity, which must always be in balance for accurate financial reporting.
Net Income
Net income is the total profit of a company after all expenses, including taxes and operational costs, are subtracted from its total revenue.
Total Liabilities
The sum of all financial obligations a company has to external parties, including both short-term and long-term debts.
Accounting Equation
The fundamental formula in accounting that states assets equal liabilities plus equity (Assets = Liabilities + Equity).
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