Write the Correct Meaning for T

question 51

Short Answer

Write the correct meaning for T:

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Definitions:

Trial Balance

A worksheet used in accounting that consolidates all ledger balances into columns for debits and credits, with both columns having equal totals.

Liability Account

An accounting record that captures the amounts owed to others, representing claims against a company’s assets.

Owner's Equity

The portion of a company's assets that belongs to the owners after all liabilities have been subtracted.

Net Income

The total earnings of a company after deducting all expenses from revenues, representing the profit.