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(a) Define the terms assets, liabilities, and owners equity. (b) What items affect owners equity?

Chapter 1, Questions #12
(a) Define the terms assets, liabilities, and owner’s equity.
(b) What items affect owner’s equity?


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(a) Assets are resources owned by a business. Liabilities …View the full answer

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Related Book For answer-question
Accounting Principles

Accounting Principles

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-0470533475

Answers for Questions in Chapter 1

Brief Exercises:
Broadening Your Perspective:
DO IT! Review:
Exercises:
Problem Set A:
Problem Set B:
Questions:

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