Chapter one terms
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7 terms
Terms | Definitions |
|---|---|
 Accounting | Recording, processing, and summarizing past economic events and transactions |
| Assets | Claim on economic resources |
| Liabilities | Others' claims on your economic resources |
| Equity | The residual claim |
| Revenue | Increases in economic resources from business' goods and services (gains are increases from other goods and services) |
| Expenses | Decreases in economic resources from cost of business' goods and services (losses are other decreases) |
| Dividends | Distribution of assets to owners |
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