NET ASSETS Definition

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NET ASSETS is the difference between total assets and current liabilities including non-capitalized long-term liabilities.

Learn new Accounting Terms

IN THE RED means losing money; the opposite of "in the black."

ACCOUNTING SYSTEM is the set of manual and computerized procedures and controls that provide for identifying relevant transactions or events; preparing accurate source documents, entering data into the accounting records accurately, processing transactions accurately, updating master files properly, and generating accurate documents and reports.

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