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ASSETS: Any thing of value which is possessed by a business and which can be used to generate revenues is called ass ets. For examples land, building, machinery, furniture, Good wil, Debtors, Stock, cash in hand and bank balance.etc.etc.
OR
Simply we can say the properties owned by a business are called assets of the business.
LIABILITIES: The debts or obligations payable by a business are called liabilities. Such as accounts payable/creditors, bills payable, notes payable, expenses payable and revenue received in advance ets.etc.
REVENUES: The amount received on account of goods sold or services rendered is called revenues. Such as Sales, fee earned, commissioned earned and rent earned, interest earned.etc.etc.
EXPENSES: The costs of generating revenues are called expenses.
OR
The expired cost of an asset is called expense.
For example salaries, wages, rent paid, insurance premium, commission paid, advertisements expenses.etc.etc.
OR
Simply we can say the properties owned by a business are called assets of the business.
LIABILITIES: The debts or obligations payable by a business are called liabilities. Such as accounts payable/creditors, bills payable, notes payable, expenses payable and revenue received in advance ets.etc.
REVENUES: The amount received on account of goods sold or services rendered is called revenues. Such as Sales, fee earned, commissioned earned and rent earned, interest earned.etc.etc.
EXPENSES: The costs of generating revenues are called expenses.
OR
The expired cost of an asset is called expense.
For example salaries, wages, rent paid, insurance premium, commission paid, advertisements expenses.etc.etc.
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