ASSET Definition

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ASSET is anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others. (See also Liabilities).

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COMMON LAW is an unwritten body of law based on general custom in England; it is used to some extent in the United States.

CONTRA REVENUE ACCOUNT is an account that is offset against a revenue account on the income statement.

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