*Business Golden Rule*
1)Assets:
Resources owned by a business that have economic value you can convert into cash (e.g., land, equipment, cash, vehicles)
2)Expenses:
Costs that occur during business operations (e.g., wages, supplies)
4)Liabilities:
Amounts owed to another person or business (e.g., accounts payable)
3)Equity:
Your assets minus your liabilities
Income and revenue: Cash earned from sales
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