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Liability Reported
The representation of an entity's obligations or debts on its financial statements, indicating amounts owed to creditors.
Income Statement
A document detailing a firm's income, outlays, and profit over a given timeframe.
Balance Sheet
A financial statement that outlines an entity's assets, liabilities, and equity at a specific point in time.
Unearned Revenue
Money received by an entity for services not yet performed or goods not yet delivered.
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