Which of the following are Assets, Liabilities, Equity
Furniture and Fixtures
Patents and copyrights
Assets are the resources available from which a business is expected to derive future economic benefits. Example Cash, land and building, Accounts Receivable
Liabilities are the obligations which would result in payment of resources of the enterprise to other parties. Examples are Accounts Payable, Bank loans
Equity comprises of the amount contributed and owned by the owner’s of the business in the form of stock, retained earnings .Withdrawal of capital, dividends paid decrease Owner's equity
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