Basic terms used in accounting |
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| Peter why do we have loss in a business? | |
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| When our expenses are more than gross profit . | |
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Basic terms used in accounting |
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| how do we determine the net worth of the business ? | |
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| Peter the net worth of the business is calculated as follows, Assets - Liabilities = onerner's Equity. | |
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| Good we are prepared fro the test | |
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| Sure and thanks for going over the basic of accounting with me | |
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