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These are typically defined on the basis of characteristics such as family background, occupation, and income.
Liabilities
Liabilities are obligations arising from past transactions expected to lead to an outflow of resources embodying economic benefits.
Accounting Equation
Represents the foundational principle of double-entry bookkeeping, stating that assets equal liabilities plus equity, serving as the basis for all accounting systems.
Liabilities
Financial obligations or debts that a company owes to others, which are recorded on the right side of the balance sheet.
Equity
Equity represents an owner's share in the assets of a company, after all liabilities have been subtracted.
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