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What is the relationship between assets and liabilities and revenue and expenses?

The relationships between assets and liabilities, and revenue and expenses, are things you'll need to understand in order to run a successful business. Assets and liabilities are the fundamental elements of your company's financial position. Revenue and expenses represent the flow of money.

What are assets and liabilities in a balance sheet?

The balance sheet (or statement of financial position) is one of the three basic financial statements that every business owner analyzes to make financial decisions. A balance sheet reports your firm’s assets, liabilities, and equity as of a specific date. But what are assets and liabilities and what sets them apart?

What are assets & liabilities?

Assets and liabilities are the fundamental elements of your company's financial position. Revenue and expenses represent the flow of money through your company's operations. Accounting standards define an asset as something your company owns that can provide future economic benefits.

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