What is the definition of assets, liabilities, and net worth in accounting?
Assets are the set of goods, rights, and other resources economically ...
What is the definition of assets, liabilities, and net worth in accounting?
Assets are the set of goods, rights, and other resources economically controlled by the company, resulting from past events, from which the company is likely to obtain economic benefits in the future. Liabilities are current obligations arising from past events, whose extinction is likely to result in a decrease in resources that can produce economic benefits or returns in the future. Net worth is the residual part of the company's assets, once all liabilities have been deducted.
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