Examlex
All of the following are considered informal qualifications for federal office EXCEPT
Accounting Equation
The foundational principle in accounting that states assets equal liabilities plus shareholders' equity.
Profitable
Refers to a financial state where income exceeds expenses, resulting in a positive gain.
Accounting Equation
The foundation of double-entry bookkeeping, which asserts that assets equal the sum of liabilities and shareholders' equity.
Owner's Equity
The residual interest in the assets of an entity after deducting liabilities; it represents the ownership interest of the shareholders or owner in the company.
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