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A formal report of changes that occurred in the owner’s financial interest during a reporting period

An inflow of money or other assets that results from the sales of goods or services or from the use of money or property; also called income

The current worth of an asset or the price the asset would bring if sold on the open market

Financial investment in a business; equity

An outflow of cash, use of other assets, or incurring of a liability

Property owned by a business

An arrangement to allow payment at a later date; also called a charge account or open-account credit

A formal report of business operations covering a specific period of time; also called a profit and loss statement or a statement of income and expenses

Debts or obligations of a business

Claims for future collection from customers