Examlex
Match the terms below with the correct definitions.
-Long-lived assets
Owner's Equity
The residual interest in the assets of the entity after deducting liabilities, essentially the net assets owned by the proprietors.
Liability
Financial obligations or debts that a company owes to others, which need to be settled over time through the transfer of economic benefits including money, goods, or services.
Course Of Business
The usual activities and practices of a company or individual in their day-to-day operations.
Liabilities
Financial obligations or debts a company owes to others, payable in money, goods, or services.
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