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ACC1002M > Week 1 terminology > Flashcards

Week 1 terminology Flashcards

Learn basic terminology to begin laying the foundations for studying Accounting.

1
Q

What is an asset?

A

Simply: something the business OWNS.

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2
Q

What is a liability?

A

Simply: what the business OWES for example loans, creditors

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ACC1002M (2 decks)

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