Examlex
Which of the following equations is INCORRECT?
Assets
Resources owned by a business that have economic value and can be used to meet debts or generate income.
Fiscal Year
A twelve-month period used for calculating annual financial statements in businesses and other organizations, which may or may not align with the calendar year.
Natural Business Year
A fiscal year that ends when business activities have reached the lowest point in an annual operating cycle.
Assets
Resources owned by a company from which future economic benefits are expected to flow to the entity.
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