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in Introduction to Accounting by (15.7k points)

Define assets, Liabilities, and capital.

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1. Assets:
Assets are properties and things of value owned by the business which can be expressed in monetary terms. Examples of Machinery, Buildings, Stock, Debtors, Furniture, etc.

2. Liabilities:
Liabilities are the obligations that an enterprise owes. These represent the amount payable by the business in the future. They represent the claim against the asset of business. Examples Loans, Creditors, Bills payable, etc.

3. Capital:
Capital is the investment made by the owners for use in the business. It is owner’s claim on the total assets of the business and is also called “owners equity”.

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