Examlex
A small firm's basic path to the future is spelled out in a document called a
Total Liabilities
The sum of all financial debts or obligations a company owes, shown on the balance sheet.
Expense Account
An account where business-related expenses are recorded, often used for tracking purposes for budgeting or tax deductions.
Incurred
Expenses, losses, or liabilities that have been suffered or assumed in the course of conducting business.
Matching Principle
An accounting concept that requires expenses to be recorded in the same period as the revenues that are generated as a result of those expenses.
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