Grade 11

Accounting

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  • 1. **Accounts Payable (AP)**: Money owed by a business to its suppliers shown as a liability on the company's balance sheet.
    2. **Accounts Receivable (AR)**: Money owed to a business by its customers following the sale of goods or services on credit.
    3. **Assets**: Resources owned by a business that have economic value and can be converted into cash.
    4. **Liabilities**: The company's debts or obligations that arise during the course of business operations.
    5. **Equity**: The value returned to a company’s shareholders if all assets were liquidated and all debts paid off.
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