@accountingexpert: 6 ACCOUNTING TERMS 1. Asset An asset is anything of value owned by a business that can provide future economic benefits. Examples include cash, buildings, equipment, and inventory. 2. Liability A liability is money or obligations that a business owes to others. Examples include bank loans, unpaid bills, and salaries payable. 3. Capital Capital is the amount of money or assets invested by the owner to start or run the business. It represents the owner’s interest in the business. 4. Revenue Revenue is the income earned by a business from its normal operations, such as selling goods or providing services. 5. Expense An expense is the costs incurred by a business while earning revenue. Examples include rent, salaries, electricity bills, and transportation. 6. Profit Profit is the financial gain made when a business’s total revenue exceeds its total expenses. If expenses are greater than revenue, the business incurs a loss. #accountantsoftiktok #acountinglife #Accounting

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Define indeminity and subrogarion as used in Ent.

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what is the difference between liabilities and EXPENSES?

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Talk about contra entries in cash books, and individual ledger accounts

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