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Define:

-assets, current assets, liability, current liability, contributed capital, retained earnings.

-what is the accounting equation?

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The response addresses the queries posted in 412 Words, APA References

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The response addresses the queries posted in 412 Words, APA References

Accounting Definitions

Assets

Assets are Economic Resources of an Enterprise, which can be usefully expressed in economic terms. They are those resources that the business owns. They are the items of value, used for the operations of the business enterprise and also include the amount due to it, from others (Minbiole, 1998). Some of the examples of assets are; money owing by debtors, stock of goods, cash, furniture, machines, building, etc.

Current Assets

Current Assets are those which are held on a short term basis with the intention of converting them into cash during the normal business operations of the Company. Examples of current assets are - unsold stock, debtors, bill ...

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