ASSETS - These are the resources you control that have resulted from past events and can provide you with future economic benefits., CONTROL - It means you have the exclusive right to enjoy those benefits or you can prevent others from enjoying those benefits., EQUITY - It is the residual interest of assets and liabilities., LIABILITIES - These are your present obligations that have resulted from past events and can require you to give up resources when settling them, EXPENSE - It is the cost of operations that a company incurs to generate revenue.,

ACCOUNTING EQUATION

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