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Chapter 2
Vocabulary and Concepts
5
Accounting
12th Grade
09/04/2012
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Term
Business Transactions
 Definition
financial event that changes the resources of a firm
Term
Fundamental Accounting Equation
 Definition
assets = liabilities + owner's equity
Term
Assets
 Definition
things you own (house, table, chair, etc...)
Term
Liabilities
 Definition
things you owe; your debt
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