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Explain the doctrine of legal guilt.
Liability
A company's legal financial debts or obligations that arise during the course of business operations.
Revenue
The total income generated by a company from its business activities, including sales of goods or services before any expenses are deducted.
Asset
An economic resource owned or controlled by an individual or company, expected to provide future benefits.
Liability
A financial obligation or debt owed by a business to an external entity that must be repaid.
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