TOTAL LIABILITIES AND EQUITY Definition

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TOTAL LIABILITIES AND EQUITY is all claims on the company's total assets, by outsiders (liabilities) and the company owners/shareholders (equity).

Learn new Accounting Terms

LOGGING is the practice of recording data, in some medium, sequential input, often in a time-associated format.

BALANCE SHEET is an itemized statement that lists the total assets and the total liabilities of a given business to portray its net worth at a given moment of time. The amounts shown on a balance sheet are generally the historic cost of items and not their current values.

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