24 ACCOUNTING BASICS THAT EVERYBODY NEEDS TO KNOW👇 👉ASSETS Resources owned by business that have economic value. 👉EXPENSES Costs incurred in the process of earning revenue. 👉GROSS MARGIN Revenue minus the cost of goods sold. 👉CASHFLOW STATEMENTS Financial statement showing cash inflows and outflows. 👉TRIAL BALANCE Report ensuring debits and credits are balanced. 👉INVENTORY Goods available for sale or used in production. 👉LIABILITIES Obligations or debts owed by a business. 👉PROFIT Finan