The concepts of assets, liabilities, and income and the need to reconcile these areas is still the basis for all accounting functions today.
assets
an agreement between the company and their creditors.
a repayment of the money a company owes to their suppliers.
a thing of value that a person or a company owns, such as money or property or the right to receive payment of a debt.
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the value of shares the company owns
the amount of money the debtors owe to a company
the cost of machines used in a company's production
the amount of money the a company or a person owes