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What does the term "true breeding" mean?
Economic Resources
Assets owned by businesses or individuals that have the ability to produce value or generate income in the future.
Balance Sheet
A report showing a business's assets, debts, and owner's equity on a particular date.
Long-Term Liabilities
Company debts that are payable beyond a year from now.
Capital Leases Payable
The liability account that records the present value of future lease payments for assets obtained through capital leases.
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