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Income Summary
An account in the ledger used to summarize revenues and expenses for a specific period before transferring the net result to capital accounts.
Worksheet
A document or tool used by accountants to draft adjustments and test balances during the end-of-period reporting process, not part of the formal financial statements.
Financially Self-Sufficient
The ability to support oneself without external assistance, based on personal income or savings.
Independence
The state of being self-sufficient and not reliant on others for decision-making, support, or sustenance.
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