Examlex
As a ball falls, the action force is the Earth's pull on the ball. The reaction force is the
Liabilities
Financial obligations a company owes to outside parties.
Assets
Resources owned or controlled by a business, which are expected to produce future economic benefits.
Accounting Equation
The fundamental principle of accounting that states Assets = Liabilities + Equity, which must always be in balance for accurate financial reporting.
Net Income
Net income is the total profit of a company after all expenses, including taxes and operational costs, are subtracted from its total revenue.
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