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Assets
Resources owned by an individual or business with economic value expected to provide future benefits.
Liabilities
Financial obligations or debts that a company or individual is responsible for repaying.
Accruals
The accounting principle that revenue and expenses are recorded when they are incurred, regardless of when cash is exchanged.
Balance Sheet
A financial statement showing a company's assets, liabilities, and shareholders' equity at a specific point in time, reflecting the financial condition of the company.
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