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Exam (elaborations)

Accounting Assignment #2 With Verified solutions

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Assets - ANSWER-Things that are resources owned by a company Expenses - ANSWER-Money spent or cost incurred in an entity's efforts to generate revenue Dividends - ANSWER-A distribution of a portion of a company's earnings Liabilities - ANSWER-An obligation and it is reported on a company's balance sheet Revenue - ANSWER-The assets earned by a company's operations and business activities Accounts Payable - ANSWER-Money owed by a business to its suppliers shown as a liability on a company's balance sheet

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