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Assets and Liabilities

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Current Assets
Current Liability

Current assets are all the assets of a company that are expected to be sold or used as a result of standard business operations over the next year.

Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle. An operating cycle, also referred to as the cash conversion cycle, is the time it takes a company to purchase inventory and convert it to cash from sales.

Owner equity

It is equal to total assets minus total liabilities

An expense in accounting is the money spent or costs incurred by a business in their effort to generate revenues

Revenue is income generated from normal business operations and includes discounts and deductions for returned merchandise. It is the top line or gross income figure from which cost are subtracted to determine net income

Fixed Assets

Long term liability

Fixed assets, also known as tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such ...

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