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Accounting Equation
The accounting equation is a fundamental principle of financial accounting that states assets equal liabilities plus equity.
Stockholders' Equity
The residual interest in the assets of a company after deducting liabilities, essentially representing ownership interest.
Expense Accounts
Accounts in the general ledger that are used to record various costs and expenses incurred by a business.
Revenue Accounts
Accounts that track the income a business receives from its various activities, such as sales of products or services.
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