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Natural Resources
Assets that occur in nature, like minerals, timber, and oil, which can be used for economic benefit.
Intangible Assets
Non-physical assets owned by a business that have value, such as patents, trademarks, goodwill, and copyrights.
Normal Balance
The side (debit or credit) on which an account increases, determined by the account type in the accounting equation.
Financial Statement
A formal record of the financial activities and position of a business, individual, or other entity, typically including a balance sheet and income statement.
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