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Revenue- Money that is made by or paid to a business or an organization. Is the income that a business has from its normal business activities usually from the sale of goods and services to customers.

Examples:
• Sales
• Service Revenue

Income- is used to fund day to day expenditures.

Examples:
• Gain on re-valuation of company assets.
• Divedent earned on entities investment.

Expenses- Is an outflow of money to another person or group to pay for an item or service or for a category of cost.

Examples:
• Salary and Wages
• Utility expenses

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INCOME
- is the increase in economic benefit during the accounting period in the form of inflow or increase in equity, other than contribution from equity participants.
-it encompasses revenue and gains.
Ex:
1. Sales revenue
2. Interest revenue

EXPENSES
-Is the decrease of economic benefits during the accounting period in the form of outflow or decrease in asset or increase in liabilities that results in decreasing equity,other that distribution to equity participants.
- encompasses losses as well as those expenses that arose in the course of ordinary regular activities.
Ex:
1. Cash of goods sold
2. Utility expenses

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in equity, other than those relating to contributions from the owner/s.

Expense
- is defined as the gross outflow of economic benefits during the period in the course of ordinary activities when these outflows result in decrease in equity other than those relating to distributions to owners.
In simple terms, these are costs incurred to produce income or revenue.
Examples: Salaries expense, Utilities expense

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Assets
- are defined as Resources controlled by the enterprise as a result of past transactions and events and from which future  economic benefits are expected to flow to the enterprise.
Examples: Cash, Accounts Receivable, Cash equivalents, etc..,

Liabilities
- are defined as present obligations of an enterprise arising from past transactions or events, the settlement of which is expected to result in an outflow from the enterprise over resources embodying economic benefits.
Examples: Accounts Payable, Notes Payable

Equity
- represents the claim of the owner on the assets of the business.  It is the residual interest in the assets of the business after deducting all its liabilities.
Examples: Capital, Withdrawals, Income

Revenue
- is the gross inflow of the economic benefits during the period in the form of inflows or enhancements on assets or decrease in liabilities that result in increase in

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1.assets-are the resources that on entity owns in order to derive some future benefits.
Ex.cash,accounts receivable,cash equivalents,note revivable, inventories, and prepaid expenses
2.

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Assets- is any resource owned by the business . Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset. Simply stated, assets represent value of ownership that can be converted into cash.

Examples:
• Account Receivable
• Cash

Liabilities- is defined as a company's legal financial debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses.

Examples:
•Loans
•Accounts payable

Owner's Equity- represents the owner's investment in the business minus the owner's draws or withdrawals from the business plus the net income (or minus the net loss) since the business began. Mathematically, the amount of owner's equity is the amount of assets minus the amount of liabilities.

Examples:
• Capital
• Withdraw

Revenue-

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Assets
- a resources controlled by the entity as a result of past events,from which future economic benefits are expected to flow to the entity with in two months
Examples
1. Cash
2. Inventories

Liabilities
- money owed to others.
- are the obligations to creditors, tenders,etc.
- are one of the claims of external parties from the entity.
Examples:
1.Accounts Payable
2. Notes Payable

Equity
- is the residuals interest on the assests of the enterprise after deducting all its liabilities.
- reflects the residual claims or net assets of the owners of an entity.
Examples:
1. Capital
2. Withdrawals

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Asset- Is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.
Example:
*Cash
*Account Receivable
Liabilities- Is a present obligation of the arising from past events, the settlement of which is expected to result in an outflow from the enterprise pf resources embodying economic benefits.
Example:
*Notes Payable
*Accounts Payable
Equity- Is the residual interest in the assets of the enterprise after deducting all its liabilities.
Example:
*Capital
*Withdrawals
Income- Is increases in economic benefits during the accounting period in the form of inflowsor enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contribution from equity participants.
Example:
*Sales
*Service Revenue
Expenses- Are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relatingto distributions to equity participants.
Example:
*Salaries Expense
*Utility Expense

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Assets- auditing of value owned by a business ir an individual is considered an assets.
-- is a resource with economic value that an individual corporation or country owns or controls with the expectations that it will provide a future benefits
Example
1.cash
2.account receivable

Liabilities- is defined as a company's legal financial debts ir

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Define and give at least 2 examples of the each of the following:

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Define and give at least 2 examples of the each of the following:

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1. Assets
2. Liabilities
3. Owner's Equity
4. Revenue
5. Expenses