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If nothing changes in the Social Security program,retirees will begin to take more money out of the Social Security Trust Fund than workers put into the fund in ______,and the fund will run out of money in ______.
Adjustment Necessary
Refers to the modifications required to correct or update financial records or statements to ensure accuracy and compliance with accounting principles.
Equipment Account
An account on the balance sheet representing the cost of equipment owned by a company, less accumulated depreciation.
Unamortized Patent
The portion of a patent's purchase cost that has not yet been expensed through amortization in the income statement.
Consolidation
The process of combining financial statements of separate subsidiaries, divisions or entities within an organization into a single, comprehensive financial statement.
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