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By two months of age, infants have developed object permanence.
Vacation Pay Payable
A liability account representing the amount of vacation pay owed to employees that has not yet been paid.
Current Liability
A financial obligation that a company is required to pay within a year, such as accounts payable, short-term loans, and accrued expenses.
Defined Contribution Plan
A retirement plan in which the employer, employee, or both make contributions on a regular basis, but the future benefit is not predetermined.
Pension Plan
A type of retirement plan that requires an employer to make contributions to a pool of funds set aside for an employee's future benefit.
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