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Define

[tex] \huge\blue {\underline { \overline{ \bf \mid\: \: \: \: \: QUESTION \: \: \: \: \mid}}}[/tex]

Define the term :-
(i) Liability
(ii) Expense
(iii) Income
(iv) Asset ​​

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Natalia

2 thoughts on “[tex] \huge\blue {\underline { \overline{ \bf \mid\: \: \: \: \: QUESTION \: \: \: \: \mid}}}[/tex]<br /><br /><br />Define”

  1. [tex]\large\mathbb \blue{\fcolorbox{blue}{black} { \ HERE\ IS\ YOUR\ ANSWER \ }} [/tex]

    • LIABILITY refers to the amount which a business entity is required to pay in future. It is the future monetary obligation of a business.

    • INCOME refers to excess of revenue over expenses. Income of a business is the amount which is obtained after deducting the amount of expenses from the amount of revenue.

    • EXPENSE refers to the cost incurred for the purpose of generating revenue by producing, providing and selling goods and services by a business entity.

    • ASSET refers to anything that is in the possession or is the property of a business. It is something which enables a business to generate benefit in future.
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