- Assets
- Liabilities
- Proprietorship
- Revenue
- Expenses.
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Assets mean the resources of the business or the commodities possessed by the business.
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Liabilities mean the claims of the suppliers of cash or commodities or the obligation of the business to pay at a certain period.
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Proprietorship means the claims of
the owner of the business for his interest up to his investment after
finalizing the expenses and revenue up to the date.
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Revenue means any type of income directly or indirectly of the business.
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Expense means any type of expense directly or indirectly of the business.
Debit Nature of Accounts Credit
Increase Assets Decrease
Decrease Liabilities Increase
Decrease Proprietorship Increase
Decrease Revenue/ Income Increase
Increase Expenses Decrease