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Without the soft, funnel-shaped outer ear to collect sounds, it would be difficult for humans to hear.
Cost of Goods Sold
Costs incurred directly by the production process of goods a company sells, covering both materials and labor.
Unearned Rent Revenue
Payments received by a property owner for rent that are not yet considered earned income, as the rental period they apply to has yet to elapse.
Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial position.
Income Summary
A temporary account used in accounting to summarize all income and expenses for a period, closing the books and preparing them for the next period.
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