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Which, if any, of the following statements is false?
Estimated Liability
A probable future outflow of resources, arising from past transactions or events, the amount of which is not certain.
Cash Discounts
A reduction in invoice amount offered by sellers to buyers as an incentive for early payment.
Trade Accounts Payable
Liabilities owed to suppliers for goods and services received that are yet to be paid for by the business.
Balance Sheet
A financial statement that presents a company's assets, liabilities, and equity at a specific point in time, showing the company's financial condition.
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