Mar 24 • General discussion
Pro tip #2
The most simple accounting principle: Assets = Liabilities
Assets are what you/your business own: Real estate, cash, investments, machinery, inventory, intellectual property. These are all items that a person or a business owns and that hold value, and generate economical benefit.
Liabilities are what you/your business owes: bank loans, mortgages, trade payables, taxes, credit card debt. Liabilities are what you used to purchase the assets.
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Pro tip #2
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