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Francis,a psychologist,has developed a new test to measure the verbal ability of third graders.To determine the range of scores (and what is a good and bad score) ,he gives the test to 10,000 third graders.In future,he will compare the performance of others to this reference group.This process of determining meaningful scores involves establishing
Notes Payable
Written promises to pay a certain amount of money, usually with interest, by a specified future date, recorded as liabilities on a balance sheet.
Accounts Payable
Accounts payable is a liability account that records the amounts a company owes to suppliers or vendors for goods or services received but not yet paid for.
Salaries Payable
A liability account representing the amounts owed to employees for work performed but not yet paid.
Net Income
The amount of money left after all expenses have been deducted from total revenues.
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