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Describe the three types of powers possessed by the states.
Liabilities
Financial obligations or debts a company owes to others, which must be paid back in the future.
Adjust Prepaid Insurance Expense
The process of allocating prepaid insurance cost over the period to which it applies, reflecting its usage over time.
Financial Statements
Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.
Net Income
The total earnings of a company after all expenses and taxes have been deducted from total revenue, representing profitability.
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