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Assets

Property owned by a business organization and used in its operation is known as assets. The proprietor or owner of the business may be one person, two persons (in a partnership), half a dozen persons, or numerous persons operating a corporation. The interest of the owner or proprietor in the assets of the business is called proprietorship, net worth, or capital. If the business is free of claims against these assets, except for those of the proprietor, then assets equals proprietorship. For example, if John King purchased a stationery store for $10,000, his financial condition would be expressed in this way: Assets $10,000 equal proprietorship $10,000.


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