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An amount owed to a business by its customers as a result of the sale of goods or services.

The excess of total revenues over total expenses for the period.

An unwritten promise to pay a supplier for assets purchased or services rendered.

Items a business owns that will provide future benefits.

The concept that nonbusiness assets and liabilities are not included in the business' accounting records. $$

accounts receivable

net income

assets

accounts payable $$